Currencycloud, a United Kingdom-based Visa solution and the experts in simplifying business in a multi-currency world, has obtained an In-Principle Approval (IPA) for a Major Payment Institution (MPI) license holder from the Monetary Authority of Singapore (MAS).

The license will allow Currencycloud to provide a full suite of intra-regional and international services to Singapore businesses, Currencycloud said in a statement on Wednesday.

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.

According to the statement, Currencycloud now offers customers based in Asia Pacific the ability to collect, convert, hold, send, and spend multiple currencies simultaneously across 180 countries and territories.

With the Singapore MPI license, if granted, 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 can help enterprises launch new financial services quickly, while supporting banks with speedier go-to-market service innovations.

The granting of the IPA of the Singapore MPI license comes after Currencycloud was awarded an Australia Financial Services License that allows the provision of services for the Australian market.

“The IPA for a Major Payment Institution License is testament to the strength of the Currencycloud brand. Having the license 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,” said Rohit Narang, Managing Director of Asia Pacific (APAC), Currencycloud.

Since 2012, Currencycloud has processed more than $200 billion to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut and Lunar.

Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Integrated Finance, GPS and Mambu to deliver cross-border infrastructure solutions for clients.

They are regulated in the United Kingdom, Canada, United States, the European Union and Australia, and were acquired by Visa in December 2021.

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