Atome Secures In-Principle Approval to Operate as a Major Payment Institution

BNPL platform Atome has received in-principle approval from the Monetary Authority of Singapore to operate as a Major Payment Institution.

Once granted, the licence would allow Atome to provide payment services, such as account issuance, domestic and cross-border money transfers, as well as merchant acquisition services.

The announcement comes on the back of Atome receiving the Fintech Employer of the Year and ASEAN Fintech Leader awards at the recent Singapore Fintech Festival Global Fintech Awards 2022.

Atome also announced in the past week that it has partnered Trip.com and Airwallex to provide their platforms with buy now pay later (BNPL) services.

David Chen

“Receiving the IPA is a critical milestone for our business in Singapore, as it recognises our steadfast and rigorous commitment towards setting best-in-class compliance standards,”

said David Chen, CEO of Atome.

Leanne Lim

“The licensing and due diligence process was comprehensive and robust, and it is an immense privilege to be granted an IPA,”

said Leanne Lim, Regional Head of Compliance, Atome.