Fintech Qashier clinches in-principle approval for a MPI license from MAS

Qashier had been operating under an exempted framework for the past 5 years.

Singapore-based fintech Qashier has gotten an in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license.

With this, Qashier can now offer merchant acquisition services, and domestic and cross-border money transfer services.

Prior to this, Qashier had been operating under an exempted framework. The Payment Services Act (PS Act), implemented in 2019, had allowed companies who started operations prior to the act's implementation to operate provided that they file for an official license for a specified period.

Qashier CEO and co-founder Christopher Choo expressed excitement in being awarded the in-principle approval.

"We hope to pave the way for our industry while at the same time, offer safer and faster domestic and cross-border payments for businesses in Singapore and the region,” Choo said in a press release.

Since its founding in 2019, Qashier had reportedly processed over US$1b worth of transactions and has worked with over 6,000 busiensses across Southeast Asia.

The company currently has four offices across the region, located in Malaysia, the Philippines, Singapore and Thailand.