Currencycloud secures pre-approval for MPI license in Singapore

Rick Steves

“The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”

Currencycloud has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) to become a Major Payment Institution (MPI) license holder.

An MPI license would allow Currencycloud to offer comprehensive intra-regional and international financial services to businesses in Singapore. Asia Pacific customers would have the capability to manage multiple currencies for collection, conversion, holding, sending, and spending across 180 countries and territories.

The eventual acquisition of the Singapore MPI license will further empower Currencycloud to provide expanded services for faster and more efficient payments between Asia and the rest of the world. Currencycloud is set to gradually introduce these new services in the upcoming months, aiming to reduce the complexities traditionally associated with cross-border financial transactions.

“The payments opportunity in Asia-Pacific is significant”

Rohit Narang, Managing Director of APAC at Currencycloud, commented: “The IPA for a Major Payment Institution Licence is testament to the strength of the Currencycloud brand. Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players. The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”

Zvi Appel, Co-founder of OPAL, a Currencycloud client in Singapore, added: “They provided us with the ease of use, speed and transparency demanded by our customers today. With new services to be offered, Currencycloud can help us stay competitive while we grow our lines of business within the region and beyond.”

This achievement follows Currencycloud’s recent procurement of an Australia Financial Services Licence, facilitating its service offerings in the Australian market.

Currencycloud provides FX and payment solutions

As a leading provider of B2B foreign exchange and payment solutions, Currencycloud has been instrumental in enabling banks, fintechs, and payment providers worldwide to facilitate cross-border transactions smoothly and efficiently. This capability is particularly beneficial in today’s globalized economy, where the ability to transact across borders swiftly and cost-effectively is crucial.

Currencycloud’s technology platform offers a suite of APIs that allow businesses to integrate various financial services, including currency exchange, international collections, and global payments, seamlessly into their operations.

This plug-and-play functionality means that clients can easily access wholesale exchange rates, manage multiple currencies, and execute international transfers without navigating the complexities typically associated with cross-border payments​​.

Currencycloud was acquired by Visa in December 2021 in a deal valued at £700 million. The strategic move was intended to enhance Visa’s cross-border payment capabilities by integrating Currencycloud’s innovative technology.

ACY Securities leverages Currencycloud’s plug-and-play FX platform

ACY Securities recently partnered with Currencycloud to leverage the latter’s plug-and-play platform in order to help traders seamlessly deposit funds via local payment rails across 180 different countries and more than 35 currencies.

The Sydney-based multi-asset broker is now better equipped to accelerate its clients’ access to trade in the global market as the partnership empowers traders with instant access to a robust global payments network. With access to Currencycloud’s global network, including numerous real-time local rails, ACY Securities can optimize its payments infrastructure, utilizing multi-currency accounts and live, API-driven, competitive FX rates.

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