MAS gives IPA to Volopay for MPI license

Volopay’s payment services will be regulated under the Payment Services Act.

The Monetary Authority of Singapore (MAS) has granted Volopay an in-principle approval (IPA) for a major payment institution (MPI) license.

Volopay's payment services, which include account issuance, electronic money, domestic money transfer, and cross-border money transfer, will be regulated under the Payment Services Act.

With the assistance of networks and schemes, the license will enable us to operate an end-to-end stack comprising customer onboarding, front-end digital experience, distribution network, and direct card issuance capabilities, Rohit Bhageria, Founding Member of Volopay said.

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“With this, we can significantly boost our net profit margins and make Singapore an important and key business unit, entirely profitable (standalone basis) by the end of 2023 or mid-2024.” Bhageria added.

With this approval, Volopay will be able to boost its services in Singapore and the APAC region.

Presently, the fintech firm offers expense management, invoice handling, accounting integrations, department-specific finance management, reimbursements, and corporate cards.