HitPay, a Singapore-based commerce platform for SMEs, has secured a Main Cost Establishment (MPI) license from the Financial Authority of Singapore (MAS). This follows the in-principle approval issued earlier this yr in February.
The license will allow HitPay to supply service provider acquisition and home and cross-border cash switch providers, opening cross-border alternatives for SMEs.
Along with the MPI license, HitPay has secured a number of native licenses in Southeast Asia. Within the Philippines, HitPay Cost Options Inc holds an Operator of Cost Programs (OPS) license from the Bangko Sentral ng Pilipinas.
In the meantime in Malaysia, Mobiedge E-Commerce Sdn Bhd, a subsidiary of HitPay Cost Options Sdn Bhd, holds the Service provider Acquirer Registration below Financial institution Negara Malaysia.
The brand new license helps HitPay’s goal to empower small companies with accessible commerce instruments, selling progress for SMEs in Singapore and Southeast Asia.
Based in 2016, HitPay provides a no-code, full-stack commerce infrastructure and is backed by traders together with Tiger International, International Founders Capital, HOF Capital, and Y Combinator.
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