KPay secures MAS licence for Singapore payment services expansion
KPay Merchant Service (Singapore) Pte. Ltd. received a Major Payment Institution licence from MAS, allowing it to offer merchant acquisition and money transfers for over 10,000 local businesses.
MAS Approves New Payment Services
The Monetary Authority of Singapore (MAS) has granted KPay Merchant Service (Singapore) Pte. Ltd. a Major Payment Institution (MPI) licence. This authorisation, issued under the Payment Services Act 2019, permits the company to provide merchant acquisition, domestic money transfer, and cross-border money transfer services within Singapore.
MAS had given KPay in-principle approval for this licence in July 2026, subject to the firm meeting specific conditions.
Widening Product Range for Merchants
With the new licence, KPay will expand its offerings to include acquiring and money transfer services. The company is also introducing new products, including Online Payments, which supports e-commerce transactions, digital invoicing, and remote payment collection.
Additionally, KPay is launching KPay POS, an integrated point-of-sale system for Singapore's food and beverage (F&B) sector, combining payment acceptance with inventory management and real-time business insights. KPay began its Singapore operations in 2022 and currently serves more than 10,000 local merchants, predominantly in the F&B and retail sectors.
Singapore as a Regional Growth Hub
KPay Group identifies Singapore as one of its two headquarters, highlighting its strategic importance. The company plans to use the standards developed for its Singapore business to support expansion across the Asia-Pacific region, adapting these to meet each market's unique legal and regulatory requirements.
Davis Chan, Chief Executive Officer of KPay Group, stated that Singapore would remain a key market for development and a critical hub for the capabilities driving KPay's continued growth across Asia-Pacific.
This regulatory approval enables KPay to deepen its engagement with its existing base of over 10,000 merchants and reach new segments by offering a more comprehensive suite of payment and operational tools. The expansion of KPay's licensed services and product range is expected to intensify competition within Singapore's payment services market.
KPay also intends to increase its Singapore team and service capabilities as the business scales, supporting its regional ambitions from the city-state.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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