KPay secures Major Payment Institution licence in Singapore

KPay Group, a fintech company serving more than 100,000 merchants across APAC, has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). The licence was granted to its subsidiary, KPay Merchant Service (Singapore) Pte. Ltd., under the Payment Services Act 2019.

The licence authorises the company to provide merchant acquisition, domestic money transfers, and cross-border money transfers in Singapore. KPay has operated in the market since 2022 and now serves more than 10,000 local merchants.

MPI licence provides a base for growth in Singapore

Since establishing local operations, KPay has invested in governance, risk management, regulatory compliance, technology, and the operational capabilities required to run a regulated payments business. Singapore is one of the group’s two headquarters and a hub for its expansion across APAC.

The company said it would adapt the standards developed in Singapore to the local laws, regulatory expectations, and market conditions of each new jurisdiction. Davis Chan, co-founder and CEO of KPay Group, said the licence reflects years of investment in the company’s regulatory, operational, and technology capabilities. He added that it will provide a foundation for further growth.

Chan said Singapore would remain a key market for building a connected ecosystem for merchants across online and in-store commerce. Keith Chen, General Manager of KPay Group in Singapore, said the licence reflects the trust MAS and local merchants have placed in the company.

Online payments and POS expand the merchant offering

Alongside the licence, KPay is developing its offering for online and in-store commerce. The company is introducing online payment capabilities to support ecommerce transactions, digital invoicing, and remote payment collection. These services add to its existing in-store payment acceptance.

KPay is also launching KPay POS, a point-of-sale system designed for Singapore’s food and beverage sector. The platform combines payment acceptance, inventory management, and real-time business insights.

KPay’s merchant base in Singapore is concentrated in food and beverage and retail. Its existing services include in-store payments, POS systems, and merchant tools such as a unified dashboard, real-time transaction analytics, and consolidated business data.

The services are supported by 24/7 customer service, dedicated account managers, and on-site technical support. According to Chen, the new capabilities will allow merchants to manage online orders and walk-in sales, as well as payments and business data, in one place. The company expects the expanded offering to help it reach new merchant segments.