The payment services offered by Volopay, namely, Account Issuance, E-Money, Domestic Money Transfer and Cross-Border Money Transfer will be regulated under the Payment Services Act.

Launched in 2020, Volopay is also a partner of Visa — one of the largest global card networks. The IPA is an incredible business outcome that places Volopay in the right direction. Volopay will be able to strengthen its foothold and services in its home city-state of Singapore, one of the fastest-growing and most flexible economies of the world and, will be able to maximise its existing services to Singapore-based companies that have a regional presence across APAC.

Earlier in 2022, Volopay had announced its Series A funding alongside a new market launch into India, as well as inclusion into Visa’s Fast Track Program. In the year 2022, Volopay has continued to expand rapidly in this South-East Asian market and has also entered into the untapped potential of the Indonesian and Indian market. Doubling its market availability within one year (initially only serving Singapore and Australia), it is on track to empower and automate financial operations for multiple businesses.

Volopay will continue to adhere to rigorous compliance program, which includes anti-money laundering and anti-terrorism financing measures, strict privacy controls, risk management, and payment thresholds.

The company currently offers expense management, invoice handling, accounting integrations, department-specific finance management, reimbursements, and corporate cards. The interest-free credit line accessed through the corporate cards creates scalable growth opportunities for its clients across APAC and the rest of the world.

As per Rohit Bhageria, Founding Member of Volopay: “The licence will allow us to operate an end-to-end stack including customer onboarding, front-end digital experience, distribution network and direct card issuance capabilities with the help of network and schemes. With this, we can significantly boost our net profit margins and make Singapore an important and key business unit, entirely profitable (standalone basis) by the end of 2023 or mid-2024.”