Banking Circle S.A. is pleased to announce that its wholly owned subsidiary BC Payments Pte. Ltd. has now reportedly been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
A key milestone in Banking Circle’s expansion strategy, BC Payments Singapore is now fully licensed to “facilitate cross border payment flows for banks, fintechs and global payment providers in Singapore.”
Mishal Ruparel, Chief Commercial Officer of Banking Circle said that securing the MPI license from MAS is considered to be “a crucial progression in Banking Circle’s mission to build the payments infrastructure for the global financial economy.”
They added that Singapore’s progressive regulatory framework and status as a leading global financial centre make it the natural base for their “regional expansion and a strategic hub for our Asia Pacific operations.”
With this license, they are well placed to “support their clients’ global payment needs and accelerate instant, low cost payments in the region.”
Marc Chua, CEO of BC Payments Singapore, added since its establishment in 2022, BC Payments has grown into an integral part of Banking Circle’s global network and “now serves as its Asia Pacific hub.”
Singapore’s proximity to fast-growing digital economies “enables them to stay ahead of client needs, and this achievement marks just the beginning of our journey to further strengthen cross-border payment connectivity.”
BC Payments Singapore has expanded its local presence and capabilities, leveraging Banking Circle’s clearing infrastructure in order “to connect international financial institutions with local clearing rails through a single API. The MPI license underscores Banking Circle’s commitment to enhancing the reach and reliability of real-time global payments.”
BC Payments Pte. Ltd. is a wholly owned subsidiary of Banking Circle S.A., a licensed bank headquartered in Luxembourg and “regulated by the Commission de Surveillance du Secteur Financier (CSSF).”
BC Payments Pte. Ltd. is a Major Payment Institution (Licence No. PS20200718) regulated by the Monetary Authority of Singapore (MAS).
BC Payments Singapore is authorised to “provide a range of payment services, including Account Issuance, Domestic Money Transfer, Cross-border Money Transfer and E-money Issuance.”
BC Payments Singapore is reportedly focused and committed “to enabling cost-efficient cross border payments.”
Enabled by Banking Circle S.A, BC Payments will now aim to leverage the global multi-currency clearing network for “major currencies, and provide solutions such as multi-currency accounts, local and cross-border payments, backed by compliance and security standards.”