Nuvei lands Singapore MPI licence for APAC expansion
Nuvei has been granted a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS), fuelling its planned expansion into local markets across Asia-Pacific (APAC).
Nuvei granted an MPI licence for Singapore by MAS
The new licence enables the Canadian paytech’s regional entity, Nuvei Singapore Pte Ltd., to provide three categories of payment services in Singapore: domestic money transfers; merchant acquisition services; and international money transfers.
Philip Fayer, Nuvei’s chair and CEO, says this latter service will be provided “through direct card payouts”, being among the “additional payment solutions” the paytech hopes to deliver to the “critically important region”.
Founded in 2003 and headquartered in Montréal, Nuvei supplies enterprises with payment processing tech along with solutions for risk and fraud management, and banking and card issuing services.
Its licencing in Singapore comes hot on the heels o Nuvei’s announcement last week that it was set to be acquired by US private equity firm Advent International in a deal worth $6.3 billion.
Furthermore, MAS has been busy this week granting MPIs to global paytechs, with the UK-based cross-border payments firm TerraPay, being handed one this week from the Singaporean regulator.
