Flywire Gets Major Payment Institution License in Singapore

Flywire, a global payments enablement and software company, announced that its Singapore entity has been granted a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) earlier this month. The firm had secured the in-principle approval​ just six months ago.

With the license, Flywire can continue to extend its merchant acquisition, domestic money transfer and cross-border money transfer services to its customers in Singapore.

This comes on the heels of Flywire's new office opening in Singapore, which became its Asia Pacific (APAC) headquarters in March this year.

Flywire said that it had tripled its APAC team in the past year in order to meet growing demand in the region. The firm had plans to continue expanding its APAC presence.

Frans Wiwanto, Flywire's Managing Director of APAC based in Singapore, commented: "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."