Payment services provider Worldline announces that its wholly-owned subsidiary GCS APAC has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS).
The MAS license enables Worldline to bring its innovative and market-leading payment technology solutions to one of the most advanced and fast-growing global markets with huge growth potential. It will be able to provide local and cross-border money transfer services alongside supporting merchant acquisition services to an eager and increasingly demanding universe of local and international merchants doing business in this market.
This announcement further reflects Worldline’s successful strategic push into the broader, fast-growing Asian regional markets.
In addition to serving merchants in the region, Worldline also works with a large network of leading banks. Over 85% of banks in ASEAN countries already use Worldline’s product portfolio in markets such as Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Brunei, Taiwan, Hong Kong and China.
“Businesses and consumers in these diverse markets have shown great enthusiasm in adopting new ways of doing business for many years. In line with their rapidly changing shopping habits, they are constantly adopting innovative technologies and setting new trends with global implications,” says Ms. Beate Krugmann, Head of East and Southeast Asia at Worldline Merchant Services.
“At Worldline we appreciate these exciting trends and are very keen to stay at the forefront of innovation and development. As part of our regional expansion strategy, we are committed to playing a central role in our rapidly growing Asian markets. I am very proud that we have now received our new license from the Monetary Authority of Singapore, which secures an even stronger footing in Singapore and across our Asian markets.”