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Canadian financial technology company Nuvei Corporation (TSX:NVEI) today announced that its Singapore entity, Nuvei Singapore Pte Ltd, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore.
This new license allows Nuvei to operate three types of payment services in Singapore, including domestic money transfers, cross-border money transfers and merchant acquisition services. Businesses in Singapore now benefit from Nuvei’s advanced, flexible technology built to accelerate their growth, as well as Nuvei’s global reach and expertise in local markets across Asia Pacific (APAC).
Nuvei’s payments platform enables businesses to optimize operational costs and boost conversion rates by consolidating their payment solutions, maximizing payment acceptance, minimizing risk and improving the consumer payment experience.
“Securing this MPI license is another important milestone as we continue to accelerate our growth in APAC,” commented Philip Fayer, President and CEO of Nuvei. “This license enhances our service offering for customers in Singapore, enabling us to provide additional payment solutions, including international money transfers through direct card payments. It also provides another validation of our firm commitment to optimizing the payments experience for businesses and consumers in this critically important area.”
The MPI license complements Nuvei’s expansion across APAC, including the launch of instant card acquisition capabilities in Australia and its continued growth in China.
This announcement follows Nuvei’s recent launch of near-instant payment capabilities for businesses in Singapore through its partnership with Mastercard Send. Through this strategic partnership with Mastercard, Nuvei can now enable businesses to process fast cross-border payments to over 1.5 billion Mastercard debit, credit and prepaid cards worldwide.
Nuvei continues to invest in building its presence across APAC to support businesses looking to scale both locally and cross-border. The Company’s modular payments platform enables customers to securely connect with customers in more than 200 markets worldwide through a single integration, accepting 680 alternative payment methods and offering redemptions in more than 50 markets.