KPay Merchant Service (Singapore), a subsidiary of fintech KPay Group, was granted a Major Payment Institution licence by the Monetary Authority of Singapore (MAS).

In a statement on Thursday, KPay said the licence would allow the subsidiary to offer merchant acquisition, domestic money transfers, and cross-border money transfers in Singapore.

The announcement follows an in-principle approval that KPay disclosed in July. KPay, serving over 100,000 merchants across Asia-Pacific, said it has served more than 10,000 merchants in Singapore since starting local operations in 2022.

KPay also introduced online payments for e-commerce transactions, digital invoicing, and remote payment collection, alongside its existing in-store acceptance. It launched KPay POS, a point-of-sale system for Singapore’s food and beverage sector. The system can combine payment acceptance, inventory management, and real-time business insights.

KPay’s Singapore merchant base is concentrated in food and beverage and retail, while focusing on building around local business needs.

Davis Chan, CEO of KPay Group, said Singapore would remain a key market and a hub for the group’s growth across Asia-Pacific.

Keith Chen, general manager for Singapore, said the new online payments and POS products can meet the demand of Singapore merchants, such as letting a restaurant accept online orders as easily as walk-in payments.

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