Singapore-based FinTech startup Volopay.Co Pte Ltd., has been granted an in-principle approval (IPA) for a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
The payment services offered by Volopay, namely, account issuance, E-Money, domestic money transfer and cross-border money transfer will be regulated under the Payment Services Act, Volopay said in a statement on Monday.
According to the statement, the IPA is an incredible business outcome that places Volopay in the right direction.
Volopay said it will be able to strengthen its foothold and services in its home city-state of Singapore, one of the fastest-growing and most flexible economies of the world and, will be able to maximize its existing services to Singapore-based companies that have a regional presence across Asia Pacific (APAC).
Launched in 2020, Volopay is also a partner of Visa — one of the largest global card networks.
Earlier in 2022, Volopay had announced its Series A funding alongside a new market launch into India, as well as inclusion into Visa’s Fast Track Program.
In the year 2022, Volopay has continued to expand rapidly in this South-East Asian market and has also entered into the untapped potential of the Indonesian and Indian market.
Doubling its market availability within one year (initially only serving Singapore and Australia), it is on track to empower and automate financial operations for multiple businesses.
Volopay said it will continue to adhere to rigorous compliance program, which includes anti-money laundering and anti-terrorism financing measures, strict privacy controls, risk management, and payment thresholds.
The company currently offers expense management, invoice handling, accounting integrations, department-specific finance management, reimbursements, and corporate cards.
The interest-free credit line accessed through the corporate cards creates scalable growth opportunities for its clients across APAC and the rest of the world.
“The license will allow us to operate an end-to-end stack including customer onboarding, front-end digital experience, distribution network and direct card issuance capabilities with the help of network and schemes,
“With this, we can significantly boost our net profit margins and make Singapore an important and key business unit, entirely profitable (standalone basis) by the end of 2023 or mid-2024,” said Rohit Bhageria, Founding Member of Volopay.
Volopay is a firm that aims to make managing business finances easier.
Through the use of corporate cards paired with receivable and payable management software, Volopay is the solution for streamlining expense workflows while still maintaining complete visibility and control over business spending.
As a real-time payable management software, Volopay makes expense reports digital, fast, inclusive, and safe.
By replacing spreadsheets, paper checks and receipts, and other manual processes with an automated system and a centralized dashboard for every expense-related need, Volopay’s goal is to empower businesses around the world by equipping them with the best tools possible.
Starting in Singapore in 2020, Volopay has since expanded into several countries in the Asia Pacific region and will continue to grow globally.
Singapore’s Volopay partners with Visa to offer financial management solutions in Australia