The Monetary Authority of Singapore (MAS) has issued in-principle approval to fintech firms EBANX and Straits Millennium for a major payment institution (MPI) Licence under the Payment Services Act 2019.
Payment service provider EBANX has presence in the Asia-Pacific region, with 39% of its total processed volume in 2024 coming from the region.
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It operates offices in Shanghai, China, and Singapore, and has recently expanded its footprint in India through a partnership with YES Bank and the appointment of a country director.
EBANX has relocated Fernanda De Fino, global director of risk and compliance, to Singapore. In addition to her global role, she will serve as executive director of EBANX Singapore to strengthen the company’s APAC presence, complementing its 25-member team in Shanghai.
EBANX CEO and co-founder João Del Valle said: “Receiving In-Principle Approval for an MPI license in Singapore, one of the most robust ecosystems for international payments, is a testament to EBANX’s priority to meet the highest regulatory standards and provide exceptional value to our clients globally, who will now have even more capabilities enabled within our payments services.”
Besides, Straits Millennium is a Singapore-based digital asset firm and subsidiary of Straits Financial Group that aims to bridge the gap between traditional finance and digital assets by offering financial solutions.
The in-principle approval allows the firm to offer digital payment token (DPT) services.
Straits Millennium digital assets lead Amily Ho said: “The demand for compliant, seamless, and efficient digital token services continues to rise, and Straits Millennium is here to bridge that gap. Our in-principle approval allows us to build a secure and regulated ecosystem for industry players who require reliability, transparency, and scalability in their digital asset operations.
“Whether it’s facilitating liquidity solutions or enabling efficient trading services, we are committed to delivering innovative and regulatory- compliant services that meet the evolving needs of the market.”
