Banking Circle’s BC Payments Singapore moves closer to MPI licence with MAS in-principle approval
BC Payments Singapore, a wholly owned subsidiary of Luxembourg-based financial infrastructure provider Banking Circle, has obtained in-principle approval (IPA) for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Banking Circle edges closer to a Singapore MPI licence
The IPA signals the final stages of the licence application process, which if granted, would enable BC Payments Singapore to broaden its merchant acquisition, payment processing and money issuance capabilities in the region.
The regulator notably granted the same approval to Brazilian payments platform Ebanx last month.
Mishal Ruparel, CEO of BC Payments Singapore, explains that the subsidiary has been “growing its presence in Singapore since January 2022”, and now plans to “double the size of our team in the Singapore office over the next year”.
The IPA announcement comes hot on the heels of Banking Circle’s January acquisition of Australian Settlements Limited, a deposit-taking institution specialising in clearing, processing, and settlement services for regional banks and payment firms.
The undisclosed sum deal, still subject to regulatory approvals, is aimed at bolstering Banking Circle’s presence in Australia, a market it first entered in 2023 via its BC Payments subsidiary.
