SINGAPORE: Singapore-based fintech startup Qashier announced that it has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) licence.
This green light from MAS allows Qashier to provide merchant acquisition services and domestic and cross-border money transfer services.
The approval is based on the Payment Services Act (PS Act), a regulatory framework established in 2019 to oversee payment systems and service providers in Singapore.
Qashier commenced operations before the implementation of the PS Act and was required to file for an official licence. During this transitional phase, the company operated under an exempted framework.
From 2019 to 2024, Qashier operated under the exemption, facilitating seamless transactions across Southeast Asia.
During this period, the company offered services such as domestic money transfers, inward cross-border money transfers, and merchant acquisitions.
Expressing his delight at the approval, Christopher Choo, co-founder and CEO of Qashier, stated: “We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our licence application.
We hope to pave the way for our industry while at the same time, offer safer and faster domestic and cross-border payments for businesses in Singapore and the region.”
“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,” Choo added.
Since its establishment in 2019, Qashier has demonstrated impressive growth, processing over US$1 billion worth of transactions and empowering more than 6,000 businesses across Southeast Asia with its integrated hardware and cloud-based software solution, which streamlines business operations for its clients.
In line with its expansion plans, Qashier currently operates from four offices spread across Southeast Asia: Malaysia, the Philippines, Singapore, and Thailand.
The company is committed to further investment in research and development, aiming to deliver innovative solutions that cater to the evolving needs of businesses in the region and beyond. /TISG