Currencycloud Receives In-Principle Approval for Payment License in Singapore
In a world increasingly defined by globalisation and digital transformation, the ability to move money across borders quickly, securely, and transparently has become a cornerstone of international business operations. Recognising this imperative, Currencycloud, a trailblazer in simplifying global transactions in a multi-currency world, has recently achieved a significant milestone in its expansion strategy. With The Monetary Authority of Singapore (MAS) granting it In-Principle Approval (IPA) for a Major Payment Institution (MPI) License, Currencycloud is poised to redefine the landscape of cross-border payments in Asia and beyond.
This groundbreaking development heralds a new era for businesses in Singapore and the wider Asia Pacific region. By enabling companies to collect, convert, hold, send, and spend multiple currencies across 180 countries and territories, Currencycloud is not just offering a service; it’s facilitating a seamless economic bridge between East and West and intra-regionally amidst the complexities of international commerce.
Enhancing Financial Services and Innovations
At the heart of Currencycloud’s offering is the promise of efficiency, speed, and transparency. With the MPI license, the company will expand its capabilities, allowing intra-Asia and east-to-west payments to be processed more swiftly and seamlessly. For Singaporean businesses, this means the ability to perform conversions and payouts in local currencies and respective time zones, significantly reducing the friction traditionally associated with cross-border money movement.
A Story of Ambition and Collaboration
However, Currencycloud’s vision goes beyond facilitating transactions. Through its global and local networks and multi-currency account infrastructure, the company aims to empower enterprises to launch new financial services rapidly, supporting banks with quicker go-to-market service innovations. This capability was highlighted by Zvi Appel, Co-Founder of OPAL, a Currencycloud client in Singapore, who attested to the transformative impact of their partnership: “They provided us with the ease of use, speed, and transparency demanded by our customers today. With new services to be offered, Currencycloud can help us stay competitive while we grow our lines of business within the region and beyond.”
A Testament to Growth and Innovation
Currencycloud’s journey to obtaining the IPA for the MPI license in Singapore is part of a broader narrative of growth and innovation. Since its establishment in 2012, the company has processed over $200 billion across 180 countries, working with various global clients from banks to fintechs. Its acquisition by Visa in 2021 further underscores its significant role in the financial ecosystem and its commitment to redefining the future of payments.
The Human Aspect of Financial Technology
Beyond its technological and financial milestones, Currencycloud’s story is also one of human ambition and collaboration. Rohit Narang, Managing Director of APAC at Currencycloud, encapsulated this spirit, stating, “The IPA for a Major Payment Institution Licence is a testament to the strength of the Currencycloud brand. Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players.”
As Currencycloud prepares to roll out its new services in the coming months, it stands at the forefront of a rapidly evolving digital economy, bridging gaps and connecting markets with unprecedented ease and efficiency. This journey, however, is not just about transactions; it’s about the dreams and aspirations of businesses and entrepreneurs across the globe striving to make their mark in an interconnected world. As Currencycloud continues to innovate and expand, it carries with it the hopes and ambitions of its clients, partners, and the countless individuals it serves, promising a future where financial borders become invisible. The global marketplace is open to all.
