ShopBack, a shopping and rewards platform in Asia-Pacific, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
Issued under the Payment Services Act, the license permits ShopBack to provide regulated payment services through its payment product, ShopBack Pay.
This allows ShopBack to enable merchants to accept payments and let customers pay using ShopBack Pay, all under its own licensed infrastructure.
The approval marks a key step in ShopBack’s efforts to deepen its payments capabilities in Singapore.
With ShopBack Pay now operating under formal regulatory oversight, the company said it is better positioned to scale its payment offering, strengthen merchant partnerships, and introduce new features supported by a secure framework, with plans to expand beyond Singapore over time.
Huanmin Huang, Acting CFO and Chief of Staff, ShopBack, said,
“Receiving this Major Payment Institution license marks a foundational milestone for ShopBack.
It reflects MAS’s trust in our ability to operate responsibly and gives us the infrastructure to scale ShopBack Pay in a way that’s smarter, faster, and more secure — while continuing to deliver value to both users and merchants.”
Featured image: Edited by Fintech News Singapore, based on image by ake1150sb via Freepik
