, Singapore
283 view s
Photo by Jahoo Clouseau from Pexels

MAS gives IPA to Volopay for MPI license

Volopay’s payment services will be regulated under the Payment Services Act.

The Monetary Authority of Singapore (MAS) has granted Volopay an in-principle approval (IPA) for a major payment institution (MPI) license.

Volopay's payment services, which include account issuance, electronic money, domestic money transfer, and cross-border money transfer, will be regulated under the Payment Services Act.

With the assistance of networks and schemes, the license will enable us to operate an end-to-end stack comprising customer onboarding, front-end digital experience, distribution network, and direct card issuance capabilities, Rohit Bhageria, Founding Member of Volopay said.

ALSO READ: Singapore ready to provide liquidity to keep financial system stable: MAS

“With this, we can significantly boost our net profit margins and make Singapore an important and key business unit, entirely profitable (standalone basis) by the end of 2023 or mid-2024.” Bhageria added.

With this approval, Volopay will be able to boost its services in Singapore and the APAC region.

Presently, the fintech firm offers expense management, invoice handling, accounting integrations, department-specific finance management, reimbursements, and corporate cards.

 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Australian banks' credit risk rises amidst high debt, economic uncertainty
National Australia Bank reported an 8.1% decline in cash earnings.Australian banks face heightened risk of rising credit losses as high household debt levels, elevated interest rates, and global economic uncertainties continue, according to S&P Global Ratings.
Retail Banking
Visa launches new products to boost flexibility, security in APAC
It also partnered with QR payment providers across the region for cross-border payments.Visa has introduced several new products and services aimed at enhancing payment flexibility and security in Asia Pacific.
Cards & Payments