Singapore-based commerce platform for SMEs HitPay has announced that it received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). As per the information detailed in the press release, HitPay secured its MPI licence from MAS following the receipt of the in-principle approval issued in February 2024.

At that time, the approval enabled HitPay to expand its services and include merchant acquisition and domestic and cross-border money transfer services. Also, it extended the company’s range of regulated payment solutions for merchants whilst maintaining increased compliance standards. Currently, HitPay mentions that the receipt of the MPI licence highlights the company’s commitment to supporting high regulatory standards as a partner for small and medium-sized enterprises (SMEs) operating across Singapore. Since its launch in 2016, HitPay’s home base and regional hub for expansion has been Singapore, with the company prioritising closely working with local partners and continually solidifying its compliance and onboarding capabilities.

What benefits does the MPI licence bring to HitPay? By securing the MPI licence from MAS, HitPay is set to be able to continue to offer merchant acquisition, and domestic and cross-border money transfer services, allowing SMEs to benefit from additional cross-border opportunities and connect with customers globally. Moreover, as part of HitPay’s allegiance to offering merchants compliant, regulated local and international payment solutions, other entities from the company received local licences in Southeast Asia. For example, in the Philippines, HitPay Payment Solutions received an Operator of Payment Systems (OPS) licence from the Bangko Sentral ng Pilipinas, while in Malaysia, Mobiedge E-Commerce Sdn Bhd obtained the Merchant Acquirer Registration under Bank Negara Malaysia. Furthermore, the MPI licence enables HitPay to advance its commitment to enabling SMEs across Singapore with access to improved commerce tools.

Also, by attending to the needs and requirements of its SME customers, the company focuses on democratising the payment environment and promoting growth for businesses across Singapore and Southeast Asia. .