BC Payments gets in-principle nod for MPI licence in Singapore

GlobalData

Mon, Mar 24, 2025, 7:24 AM 2 min read

BC Payments Singapore, portion of Banking Circle, has secured in-principle support from the Monetary Authority of Singapore (MAS) for Major Payment Institution (MPI) licence.

The MPI licence would alteration BC Payments Singapore to leverage Banking Circle’s network, providing entree to planetary clearing infrastructure.

This would facilitate cross-border outgo services and found BC Payments Singapore arsenic a determination hub wrong its planetary payments network.

In-principle support does not represent a ceremonial licence, but indicates that a licence whitethorn beryllium granted upon gathering circumstantial conditions, a merchandise said.

Banking Circle CEO and co-founder Laust Bertelsen said: “The grant of IPA from MAS is simply a testament to our committedness to delivering unafraid and businesslike outgo solutions, leveraging Singapore’s beardown regulatory model and strategical location. This milestone volition heighten our quality to work clients successful Singapore and crossed the broader Asia-Pacific region, reinforcing our ngo to facilitate planetary cross-border outgo services and supply exertion driven fiscal solutions.”

BC Payments Singapore CEO Mishal Ruparel stated: “BC Payments Singapore has been increasing its beingness successful Singapore since January 2022 and we are moving hard to unafraid the MPI licence. We program to treble the size of our squad successful the Singapore bureau implicit the adjacent year, reinforcing the committedness to our determination enlargement strategy. We are encouraged by the spot placed successful america by our imaginable clients, and we look guardant to empowering them with accelerated and businesslike cross-border payments solutions.”

The announcement follows Banking Circle's January 2025 disclosure that it plans to get a afloat involvement successful Australian Settlements Limited (ASL).