KPay Group, a rapidly expanding fintech company, has announced that its Singapore subsidiary, KPay Merchant Service (Singapore) Pte. Ltd., has secured In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence. This approval, under the Payment Services Act 2019, marks a significant milestone in KPay’s regulatory strategy since establishing its Singapore operations in 2022.
The IPA is a crucial step for KPay, which has grown to serve over 10,000 local small and medium-sized enterprise (SME) merchants. It validates the company’s strategic decision to develop its regulatory and operational capabilities from Singapore, setting a disciplined foundation for expansion into other highly regulated markets. The MPI licence, once fully approved, will allow KPay to offer a broader range of regulated payment services, including merchant acquisition and cross-border money transfers.
KPay’s commitment to local businesses is evident in its holistic commerce ecosystem, which includes in-store payment systems, AI-powered dashboards, and real-time transaction analytics. The company emphasises building strong local teams and understanding the needs of local merchants, as highlighted by CEO Davis Chan: “Trust cannot be exported—it has to be earned, market by market.”
Keith Chen, General Manager of Singapore, expressed gratitude for the community’s trust and highlighted the importance of the MAS’s forward-looking regulatory environment. KPay aims to maintain high standards of compliance and governance, aligning with Singapore’s digital economy ambitions. As KPay continues its expansion across Asia Pacific, Singapore remains the blueprint guiding its regional direction.
