Currencycloud obtains In-Principle Approval for MPI licence in Singapore

It offers to ability to collect, convert, and spend multiple currencies across 180 markets.

Payment solutions provider Currencycloud has obtained In-Principle Approval (IPA) for a Major Payment Institution licence holder from the Singapore central bank.

If the MPI licence is granted, Currencycloud will be able to broaden the scope of its operations in Singapore. Currencycloud expects to successively roll out its new services in the coming months.

Backed by Visa, Currencycloud offers APAC customers the ability to collect, convert, hold, send, and spend multiple currencies simultaneously across 180 countries and territories. 

For businesses in Singapore, customers can make conversions and payouts in their respective time zones and local currencies. 

Currencycloud had also recently clinched an Australia Financial Services Licence. 

Established in 2012, Currencycloud has processed over $200b across 180 countries, working with banks, financial institutions, and fintechs globally. Partners include Starling Bank, Revolut, Lunar, GPS, Integrated Finance, and Mambu to deliver simple cross-border infrastructure solutions to its clients.

Visa acquired the company in 2021. It is currently regulated in the US, UK,  Canada, the EU, and Australia.