Singapore, March 6, 2024 — Currencycloud has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution licence, allowing it to expand its payments offering across the Asia-Pacific region.
The approval, once finalised, will enable the company to provide a broader range of cross-border and intra-regional payment services to businesses operating in Singapore.
Expanding Regional Payment Capabilities
With the licence, Currencycloud is strengthening its position in one of Asia’s key financial hubs. The company already enables businesses to collect, convert, hold, send and spend multiple currencies across more than 180 countries and territories.
The Singapore licence is expected to improve how payments are processed within Asia and between Asia and other regions, with fewer delays and more flexibility.
For businesses, this means the ability to execute transactions in local currencies and time zones, reducing reliance on offshore processing and improving payment timelines.
Building on Regulatory Momentum in Asia-Pacific
The development follows Currencycloud securing an Australian Financial Services Licence, signalling a broader push into regulated markets across the region.
Singapore continues to attract global payment firms looking to build cross-border infrastructure, particularly those focused on multi-currency capabilities.
Rohit Narang, Managing Director for APAC at Currencycloud, said the approval would allow the company to integrate more closely with Singapore’s financial ecosystem and expand its regional partnerships.
OPAL, a client of Currencycloud, said faster processing and improved transparency have supported its regional expansion.
Why This Matters for Cross-Border Payments
The move highlights how payment firms are increasingly seeking direct regulatory licences to scale in key markets rather than relying only on partnerships. This gives them greater control over payment flows and service delivery.
It also reflects growing demand from businesses for faster, localised cross-border payment capabilities, particularly within Asia.
Currencycloud provides multi-currency payment infrastructure enabling businesses to manage cross-border transactions at scale.
Digital Trade Outlook Analysis
Licensing in markets like Singapore is becoming a competitive advantage in cross-border payments. It allows firms to localise services while maintaining global reach. The shift is moving from partnership-led access to direct regulatory presence.
Source: Currencycloud