KPay, a Hong Kong-based fintech company that provides payment and business tools for merchants, said on July 27 that its Singapore unit, Kpay Merchant Service, had received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

If finalised, the license would let KPay offer more regulated payment services in Singapore, including merchant acquisition and domestic and cross-border money transfers. KPay cannot yet operate as a licensed MPI.

Under MAS rules, an MPI license is for payment service providers whose activities exceed certain limits.

It allows firms to offer multiple payment services without transaction volume or float caps.

The regulator’s directory shows 246 entities hold MPI licenses in Singapore.

KPay said it began operating in Singapore in 2022 and now serves more than 10,000 small and medium-sized enterprise merchants there.

The company raised US$55 million in a series A round led by Apis Partners in 2024.

🔗 Source: KPay Group (“KPay”)