BC Payments clinches in-principle approval for MPI license in Singapore

The company plans to double its Singapore headcount over the next year.

BC Payments Pte. Ltd (BC Payments Singapore) has received an in-principle approval (IPA) for the major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), according to a press release.

BC Payments Singapore is a wholly owned subsidiary of Banking Circle S.A., a Luxembourge-licensed bank.

If granted, the MPI license allows BC Payments Singapore to offer cross-border payment services.

The Singapore operations is expected to operate as a key regional headquarters within BC Payments’ global payments hub, the press release said.

BC Payment Singapore expanded to Singapore in January 2022 and outlined plans to double the size of its Singapore office team over the next year.

An in-principle approval (IPA) reflects MAS’ view that a license may be issued to the applicant upon the fulfilment of specific conditions and provided there are no material adverse developments affecting the applicant.

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Monetary Authority of Singapore

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