Currencycloud Secures In-Principle Approval for MPI Licence in Singapore

Payment solutions provider Currencycloud has obtained In-Principle Approval (IPA) for a Major Payment Institution licence holder from the Singapore central bank.

If the MPI licence is granted, Currencycloud will be able to broaden the scope of its operations in Singapore. Currencycloud expects to successively roll out its new services in the coming months.

Backed by Visa, Currencycloud offers APAC customers the ability to collect, convert, hold, send, and spend multiple currencies simultaneously across 180 countries and territories. 

For businesses in Singapore, customers can make conversions and payouts in their respective time zones and local currencies. 

Currencycloud had also recently clinched an Australia Financial Services Licence. 

Visa acquired the company in 2021. It is currently regulated in the US, UK,  Canada, the EU, and Australia.

(Source: Asian Banking and Finance)