BC Payments Secures In-Principle Approval for MPI License from MAS

BC Payments Singapore, a subsidiary of Banking Circle, has received In-Principle Approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone in its expansion plans. If granted, the MPI license will enable the company to broaden its capabilities in merchant acquisition, payment processing, and money issuance, positioning it as a key regional hub within Banking Circle’s global payments network. CEO Mishal Ruparel noted the company's intention to double its Singapore team over the next year to support this growth. Laust Bertelsen, CEO of Banking Circle, emphasized that the IPA reflects their commitment to providing secure and efficient payment solutions leveraging Singapore's regulatory strengths. This expansion aligns with BC Payments' strategy to offer innovative cross-border payment solutions to regional banks and global marketplaces. BC Payments has been operating in Singapore since January 2022 and is optimistic about the potential for its services in the Asia-Pacific region.