Payment Options Pte Ltd, a Singapore-based payment solutions provider, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019. This approval marks a significant step for the company in its mission to support Singapore’s small and medium-sized enterprises (SMEs) with accessible digital payment solutions.
If granted the licence, Payment Options will be authorised to offer three regulated payment services: Merchant Acquisition, Domestic Money Transfer, and Cross-Border Money Transfer. These services aim to empower SMEs by providing a comprehensive suite of payment capabilities, including online payment gateways, QR code payments, and the upcoming SoftPOS payments technology. “Our vision is to position digital payments as a growth enabler, not a challenge, for small businesses,” said Aaron Yip, Director of Payment Options.
The in-principle approval indicates that a licence may be issued upon meeting specified conditions, provided there are no adverse developments affecting the applicant. Payment Options plans to collaborate with local merchants, financial institutions, and technology partners to enhance payment accessibility and drive innovation within Singapore’s SME ecosystem.
The company reaffirms its commitment to regulatory compliance and innovation, contributing to Singapore’s journey towards a secure, inclusive, and cash-lite economy. The MAS reserves the right to rescind the approval if deemed appropriate.
