EBANX, a Brazil-based global payment service provider (PSP) specializing in emerging markets, has on Monday announced that the firm has been granted in-principle approval for a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license supports two types of payment services in Singapore (namely, cross-border money transfers and merchant acquisition services), enabling EBANX to strengthen its offerings within its global settlement hub, benefiting its network of over 500 global enterprise merchants, the firm said in a statement.
The MPI license will also further reinforce EBANX’s strong footprint in the Asia-Pacific region.
The fintech’s operational hub has always been in Singapore, and when obtained, the MPI license would replace the current authorization provided by the MAS for the company’s cross-border operations in the country.
The in-principle approval follows a series of strategic moves by EBANX in Asia, including the partnership with YES BANK and the appointment of a Country Director for its operations in India.
EBANX serves leading enterprise merchants from Asia Pacific (APAC), with 39 percent of its total processed volume in 2024 coming from the region.
It maintains offices in Shanghai, China, and Singapore, and has recently established payment operations in India.
“Receiving in-principle approval for an MPI license in Singapore, one of the most robust ecosystems for international payments, is a testament to EBANX’s priority to meet the highest regulatory standards and provide exceptional value to our clients globally, who will now have even more capabilities enabled within our payments services,” said João Del Valle, Chief Executive Officer and Co-founder of EBANX, who was in Singapore last week.
According to him, EBANX has been the payments partner of choice for APAC merchants in emerging economies for 12 years now, supporting their growth through various generations of the Asian e-commerce industry, across multiple markets in Latin America and Africa.
He highlighted that the successful partnerships continued, going beyond China and beyond online retail.
It is noted that EBANX serves multiple verticals from different Asian countries, and is adding new industries to the portfolio: Australian Canva (SaaS), South Korean Gravity Game Vision (gaming), besides the Chinese giants XTransfer (financial services) and Alibaba (B2B trade) are some examples.
“This moment marks another chapter of EBANX’s successful story in the APAC region and a significant step forward in our global expansion strategy,
“It will build upon our powerful operations in LatAm, Africa, and India and solidify our position as a trusted partner for businesses operating in emerging markets,” Del Valle added.
To further drive strategic growth initiatives in APAC, EBANX has also announced the relocation of Fernanda De Fino, Global Director of Risk and Compliance, to Singapore.
In addition to her current global responsibilities, De Fino will also serve as the Executive Director of EBANX in Singapore.
This appointment strengthens EBANX’s physical footprint in the APAC region, which includes a multi-functional team of 25 in Shanghai.
“Singapore’s robust regulatory framework and strategic location make it the ideal hub to connect EBANX’s global operations in 29 countries,
“We are excited to contribute to its leading fintech ecosystem,” said De Fino.
The office in Singapore and the executive relocation are statements of EBANX’s commitment to APAC, as the company plans to continue expanding its team across the region, said the statement.
Founded in 2012, EBANX was built with aim to expand access to international digital commerce.
Leveraging proprietary technology, deep market expertise, and robust infrastructure, the firm enables global companies to offer local payment methods across Latin America, Africa, and Asia.