Currencycloud Granted Preliminary Nod For Major Payment Licence By MAS

SINGAPORE - Currencycloud, a Visa solution renowned for streamlining business operations in a multi-currency world, has recently achieved a significant milestone by receiving an In-Principle Approval (IPA) for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). This development marks a pivotal step for Currencycloud, enabling it to extend a comprehensive range of intra-regional and international services to Singapore-based businesses.

With this approval, Currencycloud is set to offer its clientele in the Asia Pacific region the capability to collect, convert, hold, send, and spend in multiple currencies simultaneously, covering 180 countries and territories. The anticipated Singapore MPI licence will further enhance Currencycloud's offerings, facilitating quicker, more efficient, and seamless processing of payments both within Asia and from east to west. This initiative promises significant benefits for Singapore businesses, allowing for currency conversions and payouts in local time zones and currencies.

By leveraging its extensive global and local networks along with its multi-currency account infrastructure, Currencycloud aims to expedite the launch of new financial services for enterprises while aiding banks in achieving faster market service innovations. The IPA for the Singapore MPI licence follows closely on the heels of Currencycloud being granted an Australia Financial Services Licence, which enables it to provide services within the Australian market.

Rohit Narang, Managing Director of APAC at Currencycloud, expressed his enthusiasm about the IPA, stating, "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." He further highlighted the significant payment opportunities in Asia-Pacific and pointed out Singapore's strategic advantages including its infrastructure, regulatory system, and geographical location as key factors in driving future payment innovations across the region.

Zvi Appel, Co-founder of OPAL, a client of Currencycloud in Singapore, shared his positive experience with the company. He noted that Currencycloud has been instrumental in providing the ease of use, speed, and transparency that their customers demand. With the upcoming new services from Currencycloud, OPAL looks forward to maintaining its competitive edge while expanding its business within the region and beyond.

Currencycloud anticipates a gradual rollout of its new services in the upcoming months. These additions are expected to complement its existing suite of offerings designed to reduce friction in traditional cross-border money movements. For more information on Currencycloud and its services, visit https://www.currencycloud.com/.