EBANX, a Payment Service Provider (PSP) specializing in emerging markets, today announced that EBANX Pte. Ltd. has been granted In-Principle Approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license supports two types of payment services in Singapore (namely, cross-border money transfers and merchant acquisition services), “enabling EBANX to strengthen its offerings within its global settlement hub, benefiting its network of over 500 global enterprise merchants.”
The MPI license will reinforce EBANX’s footprint in the Asia-Pacific region. EBANX serves enterprise merchants from APAC, with “39% of its total processed volume in 2024 coming from the region.”
EBANX maintains offices “in Shanghai, China, and Singapore, and has recently established payment operations in India.”
EBANX’s story in Asia-Pacific dates back to the company’s foundation in 2012: the fintech’s operational hub “has always been in Singapore, and when obtained, the MPI license would replace the current authorisation provided by the MAS for the company’s cross-border operations in the country.”
The In-Principle Approval follows “a series of moves by EBANX in Asia, including the partnership with YES BANK and the appointment of a Country Director for its operations in India.”
The partnerships continued, going “beyond China and beyond online retail. EBANX serves multiple verticals from different Asian countries, and is adding new industries to the portfolio: Australian Canva (SaaS), South Korean Gravity Game Vision (gaming), besides the Chinese giants XTransfer (financial services) and Alibaba (B2B trade) are some examples. Forbes China has also recognized EBANX as one of the 30 pioneering brands in international expansion.”
To drive growth initiatives in APAC, EBANX is pleased to announce the relocation of Fernanda De Fino, Global Director of Risk and Compliance, to Singapore.
In addition to her current global responsibilities, De Fino will “serve as the Executive Director of EBANX in Singapore.”
This appointment strengthens EBANX’s physical footprint in the APAC region, which includes “a multi-functional team of 25 in Shanghai.”
An In-Principle Approval (IPA) reflects MAS’ view that “a license may be issued to the applicant upon the fulfillment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a license at this juncture.”
MAS reserves the right to “rescind the IPA in circumstances where it considers appropriate.”
EBANX is the payments platform connecting “global businesses to the world’s fastest-growing digital markets.”
Founded in 2012 in Brazil, EBANX was built with “a mission to expand access to international digital commerce.”
Leveraging technology, market expertise, and infrastructure, EBANX enables companies to offer local payment methods.
EBANX drives growth, enhances sales, and “delivers purchase experiences for businesses and consumers.”
