Banking Circle S.A.’s subsidiary, BC Payments Pte. Ltd. (BC Payments Singapore), has been awarded a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). This development allows BC Payments Singapore to facilitate seamless and compliant cross-border payment flows for banks, fintechs, and global payment providers in Singapore.
The MPI licence is a pivotal step in Banking Circle’s global expansion strategy. Mishal Ruparel, Chief Commercial Officer of Banking Circle, highlighted the significance of this achievement, stating, “Securing the MPI licence from MAS is a crucial progression in Banking Circle’s mission to build the payments infrastructure for the global financial economy.” He emphasised Singapore’s role as a strategic hub for Asia Pacific operations due to its progressive regulatory framework and status as a leading global financial centre.
Marc Chua, CEO of BC Payments Singapore, noted the company’s growth since its inception in 2022, stating, “Singapore’s proximity to fast-growing digital economies enables us to stay ahead of client needs, and this achievement marks just the beginning of our journey to further strengthen cross-border payment connectivity.”
BC Payments Singapore will leverage Banking Circle’s global clearing infrastructure to connect international financial institutions with local clearing rails through a single API. The MPI licence underscores Banking Circle’s commitment to enhancing the reach and reliability of real-time global payments.
This move positions BC Payments Singapore to support clients’ global payment needs and accelerate instant, low-cost payments in the region, marking a significant milestone in the company’s journey to enhance cross-border payment connectivity.
