ShopBack, a leading shopping and payments platform in the Asia-Pacific region, has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). This authorisation enables ShopBack to provide regulated payment services through its payment product, ShopBack Pay, marking a significant milestone in its journey towards becoming a fully integrated shopping and payments ecosystem.
The MPI licence allows ShopBack to directly enable merchants to accept payments and lets customers pay using ShopBack Pay under its own licensed infrastructure. This regulatory approval affirms MAS’s confidence in ShopBack’s ability to deliver payment services at scale, providing a robust foundation for future innovation and enhancing trust among users, merchants, and brand partners.
Huanmin Huang, Acting CFO and Chief of Staff at ShopBack, stated, “Receiving this Major Payment Institution licence marks a foundational milestone for ShopBack. It reflects MAS’s trust in our ability to operate responsibly and gives us the infrastructure to scale ShopBack Pay in a way that’s smarter, faster, and more secure.”
The licence positions ShopBack as a category-defining platform, blending rewards, payments, and commerce into a single experience. Whilst the core user experience remains familiar, the licence paves the way for introducing new features supported by a robust regulatory framework. This development also signals ShopBack’s readiness to deepen its role in Singapore’s payment ecosystem, enabling direct partnerships with more merchants and enhancing its technology stack for future innovations.
With this approval, ShopBack is set to strengthen its payment offerings and expand its merchant partnerships, starting in Singapore and potentially extending across the region.
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