Flywire Secures In-Principle Approval for MPI License from MAS

Fazzaco learned that, the Monetary Authority of Singapore (MAS) gave Flywire, a payments company, in-principle approval for a Major Payment Institution (MPI) license.

Flywire will be able to offer domestic money transfer services, international money transfer services, and merchant acquisition services thanks to the in-principle authorization.

Flywire has been actively extending its presence in the Asia Pacific region by hiring new employees for a variety of open positions in all departments across numerous Asian cities.

"This is a further validation of Flywire's ability to meet the highest standards of regulation and compliance all over the world. In Singapore, major payment institutions need to be licensed and regulated under the Payment Services Act (PS Act) to provide payment services. Flywire has demonstrated that we are meeting these requirements, thus highlighting our commitment to data security, privacy and compliance for our clients and payers," said Frans Wiwanto, Flywire's Managing Director of APAC based in Singapore.

The regulator of Singapore has granted approval and license to a number of financial institutions recently, including several payment firms, such as Payment Technology, a unit of Singapore-based fintech firm PayerMax, announced the approval of its MPI license from MAS in early January​, according to Fazzaco.