Identifying Cross-Border Payment Firms Operating in Singapore: Companies Holding MPI Licenses in Southeast Asia's Largest Economy
In the heart of Southeast Asia, Singapore stands as a significant global city for cross-border payments companies in 2024. The Monetary Authority of Singapore (MAS) regulates this bustling market, with Major Payment Institution (MPI) licence holders playing a pivotal role.
The focus of the report, released this year, is on these MPI licence holders. They include prominent banks such as DBS Bank, United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation (OCBC), which are deeply engaged in cross-border payments, particularly for Renminbi (RMB) settlements through China’s CIPS network. DBS Bank, for instance, was the pioneer direct participant in RMB clearing, with UOB and OCBC following suit, integrating closely into real-time RMB settlements [1].
On the fintech side, licensed companies with MPI licenses under the MAS framework are common. These include payment gateways, international payment facilitators like Stripe, PayPal, Adyen, HitPay, and cross-border remittance platforms such as Thunes, Wise, and YouTrip. These companies offer digital payment, remittance, and gateway services supporting multi-currency payments and local payment methods [2][3].
Other significant players include platforms leveraging global payment networks like Visa Direct, which optimize cross-border flows through collaboration with fintechs and banks to offer scalable international transfer capabilities [4]. Emerging cross-border payment providers such as Tazapay also hold relevant licenses and are active in regional payments and settlement innovations [5].
In summary, the MPI license holders for cross-border payments in Singapore in 2024 encompass major banks, global and regional gateways, remittance and fintechs, payment networks, and emerging fintech payments. This mix of traditional banks and innovative fintechs provides comprehensive cross-border payment capabilities domestically and regionally.
The report aims to provide a broad picture of the cross-border payments market in Singapore, revealing that many companies have a focus on consumer remittances. Singapore's strategic position serves the rapidly emerging Southeast Asian region. The market is conducive to the growth of new and established companies, as well as those looking to disrupt the payments landscape.
The Monetary Authority of Singapore is a crucial authority for companies operating in the cross-border payments market in Singapore. The report provides insights into the key demographics of MPI licence holders in Singapore, indicating that Singapore is producing growing numbers of leaders in the cross-border payments industry.
Potential for future developments in Singapore's cross-border payments market is not explicitly discussed in the report, but with the vibrant and dynamic nature of the industry, it is expected that Singapore will continue to attract international cross-border payments players.
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