Cross-Border Payments Firm Tazapay Secures In-Principle Approval from MAS

Fazzaco learned that Tazapay, a company specializing in cross-border payments, has announced that it has obtained an in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

This license will allow Tazapay to offer a wide range of financial services, such as account issuance, merchant acquisition, cross-border money transfer, domestic money transfer, and e-money issuance.

The company's full-stack API for cards and local payment methods is equipped with buyer and seller protection and is available worldwide. Tazapay now has a global card coverage and can cover local payments collection in 85 markets, making it a comprehensive payment solution for individuals and businesses alike.

In response to the approval of the MPI license, Tazapay expressed its excitement to offer its services to customers in Singapore and the surrounding regions. Furthermore, the company "will be able to offer its full suite of services to its Singapore and regional customers and also directly partner with banks and card schemes to offer innovative and mission critical cross border payment solutions."

In a similar development, MAS also granted Flywire, another payments company, the in-principle approval for an MPI license in January​, signaling the regulator's continued support for the growth of the fintech sector in Singapore.