Nuvei Expands APAC Presence with New MPI License in Singapore

Nuvei Corporation (Nuvei), the Canadian fintech company, announced that its Singapore business, Nuvei Singapore Pte Ltd (Nuvei Singapore), has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

With this new license, Nuvei can now operate three types of payment services in the country, including domestic money transfer, cross-border money transfer, and merchant acquisition services.

Philip Fayer, Chair and CEO of Nuvei, commented: "Securing this MPI license is another significant milestone as we continue accelerating our growth in APAC.This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts. It also provides another validation of our steadfast commitment to optimizing the payment experience for businesses and consumers throughout this critically important region."

Alongside the recent launch of direct card acquiring capabilities in Australia and the establishment of a new office in China, this MPI license strengthens Nuvei's presence and operations across the APAC region

Additionally, earlier this month, Nuvei entered into a definitive arrangement agreement​ to be taken private by Advent International, one of the world's largest global private equity investors, in a transaction valued at approximately US$6.3 billion.

According to the agreement, Philip Fayer will continue to serve as Nuvei's Chair and CEO, leading the company's operations with the support of its current leadership team.