Nuvei secures MPI license in Singapore

Rick Steves

“This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts.”

Nuvei Corporation has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

The regulatory milestone will enable the payments company to significantly expand across the APAC region and offer domestic and cross-border money transfers, along with merchant acquisition services in Singapore.

International money transfers through direct card payouts

Nuvei’s platform is tailored to reduce operating costs for businesses, improve conversion rates, ensure payment solution consolidation, maximize payment acceptance, and minimize risk while improving customer payment experiences.

Philip Fayer, Chair and CEO at Nuvei, said: “Securing this MPI license is another significant milestone as we continue accelerating our growth in APAC. This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts. It also provides another validation of our steadfast commitment to optimizing the payment experience for businesses and consumers throughout this critically important region.”

Beyond Singapore, Nuvei has been enhancing its presence across the Asia-Pacific, including launching direct card-acquiring capabilities in Australia and growing its operations in China. Nuvei supports 680 alternative payment methods and provides acquiring options in more than 50 markets.

Nuvei offers near-instantaneous payouts via Mastercard

The MPI license comes on the heels of a recent initiative by Nuvei to enable near-instantaneous business payouts in Singapore through a partnership with Mastercard Send, facilitating rapid cross-border payouts to billions of Mastercard holders worldwide.

The surge in remote work and the proliferation of online trading, particularly among younger investors, has created a demand for seamless and immediate payment solutions. Mastercard’s Send service aligns well with the need for swift transactions and user convenience, allowing traders to cash out their investments quickly and efficiently.

Among the many Nuvei customers operating within the financial brokerage industry is Plus500, whose COO Alon Naznin applauded the new service: “In an unpredictable trading environment where price fluctuations happen in seconds, Mastercard Send provides online traders with the peace of mind that they can cash-out instantly, at the click of a button.”

Read this next

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: FOMC Minutes, UK Inflation Data, USD, May 22 ,2024

FOMC minutes reveal Fed’s stance on inflation and rates. Hawkish hints could raise USD as investors seek higher returns. Dovish tones might weaken the dollar.

<