ShopBack Secures Major Payment Institution Licence in Singapore

ShopBack, a Singapore-based shopping, rewards, and payments platform, has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS), enabling it to provide regulated payment services through its ShopBack Pay product. This licence allows ShopBack to directly facilitate payment transactions, letting merchants accept payments and customers pay seamlessly and securely in Singapore. The MPI status places ShopBack Pay under formal regulatory oversight, removing transaction volume limits and supporting services like account issuance, domestic money transfers, and merchant acquisition. Acting CFO Huanmin Huang described the licence as a foundational milestone that reflects MAS's trust and provides the infrastructure to scale ShopBack Pay more efficiently while expanding its merchant network and streamlining settlements. The licence also positions ShopBack to integrate emerging payment technologies and deepen its role within Singapore’s payment ecosystem as it continues its expansion into Europe and North America. With over US$4 billion in annual sales and more than 50 million shoppers across 13 markets, ShopBack is strengthening its payments capabilities alongside its cashback and rewards offerings.