Multi-currency financial service Currencycloud has announced it has obtained an In-Principle approval to become a Major Payment Institution licence holder in Singapore.
Granted by the Monetary Authority of Singapore (MAS), the licence enables Currencycloud to provide its full suite of intra-regional and international services to Singapore businesses.
Furthermore, customers based in the Asia-Pacific region will also be able to collect, convert, hold, send and spend in a range of currencies in real-time to over 180 countries.
Rohit Narang, Managing Director of APAC, Currencycloud said: “The IPA for a Major Payment Institution Licence is testament to the strength of the Currencycloud brand. Having the licence 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.”
Currencycloud will gain additional capabilities for a broader suite of services to process intra-Asia and east to west payments more quickly, efficiently, and seamlessly.
For businesses in Singapore, customers can make conversions and payouts in their respective time zones and local currencies. By tapping into its global and local networks and multi-currency account infrastructure, Currencycloud aims to help enterprises launch new financial services quickly, while supporting banks with quicker go-to-market service innovations.
Zvi Appel, Co-Founder of OPAL, a Currencycloud client in Singapore, spoke on the significance of the licence clearance: “They (Currencycloud) 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.”
Currencycloud expects to successively roll out its new services in the coming months, to complement its suite of offerings aimed at cutting friction in traditional cross-border money movement.
The granting of the IPA of the Singapore MPI licence comes after Currencycloud was awarded an Australia Financial Services Licence that allows the provision of services for the Australian market.
