Brazil’s Ebanx receives in-principle approval for MPI licence in Singapore
Brazilian payments platform Ebanx is set to expand its operations in the Asia-Pacific (APAC) region having received in-principle approval for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Brazil’s Ebanx strengthens its APAC footprint
Once granted, the licence will enable the platform to provide cross-border money transfer and merchant acquisition services to customers in Singapore through its regional subsidiary, Ebanx Pte Ltd.
To help drive its growth in the region, Fernanda De Fino, global director of risk and compliance at Ebanx, has relocated from Brazil to Singapore, where she will now also serve as executive director.
Although headquartered in Curitiba, the capital of Brazilian state Paraná, Ebanx has maintained an operational hub in Singapore since 2012, and also established an office in Shanghai, China, in 2019.
Leveraging these existing offices, the platform confirmed a major expansion drive across APAC in 2023 by launching operations in India.
Notable developments in this neighbouring market include a payment processing partnership with Mumbai-headquartered Yes Bank, inked in May last year, followed by the appointment of former Wise exec Rashmi Satpute as country director in August.
Backed by Advent International, Ebanx’s payments platform enables global companies to offer hundreds of local payment methods to customers across Latin America, Africa, and Asia.
Operating in 29 countries, Ebanx claims that 39% of its recorded processing volume in 2024 originated from the APAC region.
