Nuvei Secures Payments License from MAS to Expand Offerings in Singapore – Fintech Singapore

Canadian payments firm Nuvei Corporation has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

This allows Nuvei’s Singapore subsidiary, Nuvei Singapore Pte Ltd, to extend its financial services within the region, offering domestic and cross-border money transfers as well as merchant acquisition services.

Nuvei’s payments platform enables businesses to streamline operating expenses for businesses, enhance payment conversion rates, reduce risks, and improve overall customer payment experiences.

This marks a major step in Nuvei’s broader strategy to broaden its footprint across the Asia-Pacific area. It follows the company’s introduction of direct card acquiring capabilities in Australia and its ongoing expansion in China.

Additionally, a collaboration with Mastercard Send now enables Nuvei to offer almost instant payout options to businesses in Singapore, facilitating rapid cross-border payments to billions of cardholders worldwide.

Nuvei’s modular payments platform enables clients to securely connect with customers in over 200 markets worldwide through a single integration, accepting 680 alternative payment methods and offering acquiring in over 50 markets.

The company that it will continue to invest in building its presence across APAC.

Philip Fayer

“Securing this MPI license is another significant milestone as we continue accelerating our growth in APAC. This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts.

It also provides another validation of our steadfast commitment to optimising the payment experience for businesses and consumers throughout this critically important region.”

said Philip Fayer, Nuvei’s Chair and CEO.

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/94403/payments/nuvei-secures-payments-license-from-mas-to-expand-offerings-in-singapore/