Qashier bags in-principle approval for an MPI license in Singapore

By Gloria Mathias

Singapore-based FinTech startup Qashier has announced that the company has been awarded in-principle approval by the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license to offer merchant acquisition services and domestic and cross-border money transfer services.

The Payment Services Act (“PS Act”), a framework for the regulation of payment systems and payment service providers in Singapore, was initially implemented in 2019. Companies like Qashier that had already started operations prior to the Act’s implementation were required to file an official license, during which they would operate under the exempted framework.

To facilitate transactions across Southeast Asia from 2019–2024, Qashier was exempted under the PS Act for a specified period so that it could provide services, including domestic money transfers, inward cross-border money transfers, and merchant acquisitions.

“We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our license application. We hope to pave the way for our industry while, at the same time, offering safer and faster domestic and cross-border payments for businesses in Singapore and the region,” said Christopher Choo, Co-founder and CEO of Qashier. “Qashier looks forward to progressively introducing a suite of omnichannel product and service offerings enabling restaurants and retailers in Singapore to operate, transact, and grow across Southeast Asia.”

Since the company’s inception in 2019, Qashier has processed over $1 billion worth of transactions and empowered over 6,000 businesses across Southeast Asia with its integrated hardware and cloud-based software solution that streamline business operations.

Qashier continues to grow and currently has four offices across Southeast Asia: Malaysia, the Philippines, Singapore, and Thailand. The company plans to continue investing in research and development to deliver more innovative solutions to businesses in the region and beyond.