Currencycloud Uses Singapore MPI Licence to Enable Easy Cross-Border Payments

Currenycloud is now able to provide its Asia Pacific customers with the capability to simultaneously collect, convert, retain, send, and spend different currencies across 180 countries and territories thanks to the in-principle approval (IPA) for a major payment institution (MPI) licence.

If approved, Currencycloud will have the capacity to offer a wider range of services that will enable it to handle payments between Asia and the West more swiftly, effectively, and smoothly. This is made possible by the Singapore MPI license.

Customers can convert and pay out in their local currencies and time zones for businesses located in Singapore. Through the utilization of its multi-currency account architecture and global and local networks, Currencycloud can assist banks with faster go-to-market service innovations and assist firms in launching new financial services more swiftly.

Working with banks, financial institutions, and fintechs worldwide, such as Starling Bank, Revolut, and Lunar, Currencycloud has handled more than $100 billion to over 180 countries and territories since 2012.

In order to serve the Australian market, Currencycloud recently obtained an Australia Financial Services License.

The IPA for a Major Payment Institution Licence is evidence of the power of the Currencycloud brand, said to Rohit Narang, managing director of Currencycloud's APAC division. Obtaining the license would enable us to work with significant industry players and integrate with Singapore's strong financial network.

"There is a huge market for payments in Asia-Pacific, and Singapore's first-rate infrastructure, top-notch legal framework, and advantageous location make it the perfect starting point for driving future payments innovation in the region."

In the upcoming months, Currencycloud plans to gradually provide these new services to round out its range of products designed to reduce the hassle associated with traditional cross-border money transfers.