BC Payments Singapore, part of Banking Circle, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for Major Payment Institution (MPI) licence.
The MPI licence would enable BC Payments Singapore to leverage Banking Circle’s network, providing access to global clearing infrastructure.
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This would facilitate cross-border payment services and establish BC Payments Singapore as a regional hub within its global payments network.
In-principle approval does not constitute a formal licence, but indicates that a licence may be granted upon meeting specific conditions, a release said.
Banking Circle CEO and co-founder Laust Bertelsen said: “The award of IPA from MAS is a testament to our commitment to delivering secure and efficient payment solutions, leveraging Singapore’s strong regulatory framework and strategic location. This milestone will enhance our ability to service clients in Singapore and across the broader Asia-Pacific region, reinforcing our mission to facilitate global cross-border payment services and provide technology driven financial solutions.”
BC Payments Singapore CEO Mishal Ruparel stated: “BC Payments Singapore has been growing its presence in Singapore since January 2022 and we are working hard to secure the MPI licence. We plan to double the size of our team in the Singapore office over the next year, reinforcing the commitment to our regional expansion strategy. We are encouraged by the trust placed in us by our potential clients, and we look forward to empowering them with fast and efficient cross-border payments solutions.”
The announcement follows Banking Circle’s January 2025 disclosure that it plans to acquire a full stake in Australian Settlements Limited (ASL).
ASL offers settlement and processing services to banks and payment companies in Australia.
