Fiserv secures major payment institution licence in Singapore

abdelaziz Fathi

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

The approval from the Monetary Authority of Singapore (MAS) will help Fiserv expand payment services in the country. This includes the ability to offer payment cards, merchant acquisition services and domestic and cross-border money transfer services, as well as mass payout services for firms in Singapore.

Fiserv has already established its regional headquarters in Singapore, providing solutions to some of the largest banks, fintechs, and merchants in the country and across the Asia Pacific region for over two decades.

“Fiserv has a history of payments innovation in Singapore, and we are well-positioned and committed to expand our merchant acquiring business in the country and beyond, continuing to support the merchant community with robust and secure global payments technology enabling locally relevant payment acceptance solutions that meet the demands of today’s consumer,” said Suhaib Khanyari, General Manager of ASEAN at Fiserv.

Founded in 1984 and headquartered in Wisconsin, Fiserv’s solutions are now used by more than 13,000 clients in over 80 countries worldwide. The company has also more than one-third of US financial institutions relying on its product suite for account processing solutions and expertise.

Back in 2020, Fiserv acquired the payment technology provider, First Data Corporation in a $22 billion all-stock deal. The latter is a Georgia headquartered firm, which processes $2.4 trillion each year and 2500 transactions per second. It operates as a payment technology company that handles a wide range of services including credit card processing.

The MPI license permits offering of merchant acquiring services in Singapore and will allow Fiserv to support new payment flows for its clients including cross-border funds transfer services and real-time account transfers.

MAS has recently handed out the major payment institution license to a number of crypto firms. This included MetaComp, stablecoin issuers Circle Financial and Paxos which obtained licences to operate as digital asset service providers in the country. US crypto exchange Coinbase also received approval to offer regulated digital payment token (DPT) solutions in Singapore.

The city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), has been cautious toward cryptocurrencies as it seeks to combat related money laundering and cybercrimes.

Read this next

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

<