Visa partner Volopay secures major payment institution license in SG

Photo credit: Shutterstock

Volopay, a Singapore-headquartered fintech startup, has received in-principle approval for a major payment institution license from the Monetary Authority of Singapore.

The license will help strengthen the company’s position in the city-state and expand its offerings to Singapore-based firms with regional operations across the Asia Pacific.

It will also enable the firm to offer end-to-end services such as customer onboarding and direct card issuance, said Volopay founding member Rohit Bhageria.

The exec added that the firm aims to make its Singapore unit profitable by end-2023 or mid-2024.

Established in 2020, Volopay provides services such as account issuance, e-money, and domestic and cross-border money transfers. It has partnered with Visa’s Fintech Fast Track Program to issue its own Visa cards to client businesses in Asia.

In March 2022, Volopay raised US$29 million in a series A round led by Tinder founder Justin Mateen.

See also: How an SG regtech firm won over StanChart and HSBC with ‘ChatGPT for banks’

Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.