KPay Singapore Licence Receives Initial MAS Approval

The KPay Singapore licence application has received in-principle approval from the Monetary Authority of Singapore, allowing the fintech company to move closer to expanding regulated payment services.

Subject to satisfying MAS conditions and obtaining final approval, KPay Merchant Service Singapore will be authorised to provide merchant acquisition, domestic money transfers and cross-border transfer services under a major payment institution licence.

KPay already serves more than 10,000 small and medium-sized merchants in Singapore, particularly within the retail and food and beverage sectors.

The company said the licence would support faster merchant onboarding, improved settlement and funding reports and an upgraded merchant management portal.

The Singapore-Hong Kong headquartered group serves more than 95,000 merchants across Singapore, Hong Kong, Australia and Japan.

The approval would strengthen its regulated regional payments platform while supporting smaller businesses seeking integrated payment acceptance, reporting and cross-border transaction services.