Singapore-based fintech startup, Qashier, announced that the company has been awarded in-principle approval by the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) licence to offer merchant acquisition services, and domestic and cross-border money transfer services.
The payment services act, a framework for the regulation of payment systems and payment service providers in Singapore, was initially implemented in 2019.
Companies like Qashier who have already started operations prior to the act’s implementation were required to file an official licence, during which they will operate under the exempted framework.
To facilitate transactions across Southeast Asia from 2019 to 2024, Qashier was exempted under the 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 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,” says Christopher Choo, co-founder and CEO.
He adds: “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 US$1 billion ($1.36 billion) worth of transactions and empowered over 6,000 businesses across SE Asia with its integrated hardware and cloud-based software solution that streamline business operations.
Qashier continues to grow, and currently has four offices in the region; 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.
