KPay subsidiary receives major payment institution licence in Singapore
The licence covers merchant acquisition as well as domestic and cross-border money transfers.
The Monetary Authority of Singapore (MAS) has granted a major payment institution (MPI) licence to KPay Merchant Service (Singapore) Pte Ltd., a subsidiary of KPay. The authorisation allows it to offer merchant acquisition services and transfer money domestically and across borders.
KPay began operating in Singapore in 2022 and now serves more than 10,000 merchants in the country. Its operations also extend to Australia, Hong Kong and Japan.
The company said it is broadening its services for merchants selling online and in stores. It is introducing payment capabilities for e-commerce transactions, alongside digital invoicing and tools that allow merchants to collect payments remotely.
KPay is also introducing a point-of-sale solution aimed at businesses in the food and beverage sector.
