BC Payments, a Singapore-based subsidiary of Luxembourg-licensed bank Banking Circle, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
The company said the approval marks a step forward in its plans to expand cross-border payment services in the region to payment companies, banks and global marketplaces.
If granted, the MPI license would allow BC Payments to offer a wider range of regulated payment services, and act as a regional hub within Banking Circle’s global payments network.
The company plans to tap into its parent firm’s infrastructure for both direct and indirect access to global clearing systems.
BC Payments will leverage the global multi-currency clearing network for major currencies, and provide innovative solutions such as multicurrency accounts, bank connections for local clearing and cross-border payments.
Banking Circle is regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
BC Payments, which launched its Singapore office in January 2022, said it intends to double the size of its local team as part of its regional expansion strategy.
Laust Bertelsen, Co-Founder and CEO of Banking Circle, said,
“The award of IPA from MAS is a testament to our commitment to delivering secure and efficient payment solutions, leveraging Singapore’s strong regulatory framework and strategic location.
This milestone will enhance our ability to service clients in Singapore and across the broader Asia-Pacific region, reinforcing our mission to facilitate global cross-border payment services and provide technology driven financial solutions.”
Mishal Ruparel, CEO of BC Payments Singapore, added,
“BC Payments Singapore has been growing its presence in Singapore since January 2022 and we are working hard to secure the MPI license. We plan to double the size of our team in the Singapore office over the next year, reinforcing the commitment to our regional expansion strategy.
We are encouraged by the trust placed in us by our potential clients, and we look forward to empowering them with fast and efficient cross-border payments solutions.”
Featured image credit: Edited from Freepik
