Cross-border payments provider Currencycloud has received in principle approval for an MPI licence in Singapore. This licence, once granted, will enable Currencycloud to provide a comprehensive range of intra-regional and international services to businesses in Singapore.

With the MPI licence, Currencycloud will expand its offerings to customers in the Asia Pacific region, allowing it to manage multiple currencies across 180 countries and territories. Specifically designed for businesses in Singapore, the licence will enable customers to conduct conversions and payouts in their local time zones and currencies. Leveraging its global and local networks, as well as its multi-currency account infrastructure, Currencycloud aims to facilitate the rapid deployment of new financial services for enterprises while supporting banks in introducing innovative services to market more efficiently.

These events follow Currencycloud's recent acquisition of an Australia Financial Services Licence, further solidifying its presence in the Asia-Pacific market. Representatives from Currencycloud talked about the significance of the IPA for a Major Payment Institution License, highlighting the company's commitment to leveraging Singapore's robust financial ecosystem and collaborating with key industry stakeholders. They also emphasized Singapore's strategic importance as an ideal hub for driving payments innovation in the Asia-Pacific region.

Officials from OPAL, a Currencycloud client in Singapore, talked up Currencycloud for providing essential services that meet the demands of today's customers. They noted that Currencycloud's offerings enable businesses to remain competitive while expanding their operations within the region and beyond. Currencycloud plans to introduce its new services gradually over the coming months, further enhancing its suite of solutions aimed at streamlining cross-border money transfers.

What else has been going on with Currencycloud? In January 2024, Currencycloud collaborated with UK-based cashflow management platform multifi. The partnership aimed to improve international payment solutions for small and medium-sized businesses (SMBs) in the UK. Moreover, the collaboration enabled multifi to offer its SMB clients an efficient international foreign exchange payment solution, allowing them to convert and send funds globally in over 35 currencies at competitive rates according to the official press release.

In December 2023, Currencycloud announced a partnership with BriskPe in order to provide India-based micro and small businesses with multiple cross-border payment options. Following this announcement, the companies focused their efforts on expanding BriskPe’s suite of services and solutions in order to provide its customers with more payment options and methods. In addition, the collaboration aimed to open international business opportunities for the firm’s India-based micro, small, and medium-sized enterprise (MSME) users, delivering a secure and efficient range of cross-border transactions.

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