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Nuvei secures Singapore MPI license to boost presence in APAC

By Gloria Methri

April 10, 2024

  • APAC
  • Canada
  • Cross Border Money Transfer
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Nuvei, Payments, Singapore, APACCanadian FinTech Nuvei has announced that its Singapore entity, Nuvei Singapore Pte Ltd, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore.

This new license enables Nuvei to operate three payment services in Singapore: domestic money transfer, cross-border money transfer, and merchant acquisition services. Businesses in Singapore can benefit from Nuvei’s technology, global reach, and expertise in local markets across Asia-Pacific (APAC).

Nuvei’s payments platform enables businesses to optimize operating costs and boost conversion rates by consolidating their payment solutions, maximizing payment acceptance, minimizing risk, and enhancing the consumer payment experience.

“Securing this MPI license is another significant milestone as we continue accelerating our growth in APAC,” said Philip Fayer, Nuvei’s Chair and CEO. “This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts. It also provides another validation of our steadfast commitment to optimizing the payment experience for businesses and consumers throughout this critically important region.”

The MPI license complements Nuvei’s expansion across APAC, including the launch of direct card-acquiring capabilities in Australia and its continued growth in China.

This announcement follows a recent Nuvei launch of near-instantaneous payout capabilities for businesses in Singapore via its partnership with Mastercard Send™.

Nuvei continues to invest in building its presence across APAC to support businesses looking to scale both locally and cross-border. The company’s modular payments platform enables clients to securely connect with customers in over 200 markets worldwide through a single integration, accepting 680 alternative payment methods and offering acquiring in over 50 markets.

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