Currencycloud, a Visa solution and expert in simplifying business in a multi-currency world, has obtained an In-Principle Approval (IPA) for a Major Payment Institution (MPI) licence holder from the Monetary Authority of Singapore (MAS). The licence will allow Currencycloud to provide a full suite of intra-regional and international services to Singapore businesses.

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 licence, 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 licence comes after Currencycloud was awarded an Australia Financial Services Licence that allows the provision of services for the Australian market.

Rohit Narang, Managing Director of APAC, Currencycloud said, “The IPA for a Major Payment Institution Licence 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.”

Zvi Appel, Co-founder of OPAL, a Currencycloud client in Singapore, explained that Currencycloud is a valuable partner for its business: “They provided us with the ease of use, speed and transparency demanded by our customers today. With new services to be offered, Currencycloud can help us stay competitive while we grow our lines of business within the region and beyond.”

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.