Nuvei secures MPI license in Singapore for APAC growth

Nuvei’s MPI license from MAS fuels APAC expansion plans. Acquisition by Advent International and MAS’s grants to TerraPay mark significant developments. Nuvei’s expansion in APAC Nuvei has been awarded a significant payment institution (MPI) license by the Monetary Authority of Singapore (MAS), boos…

Nuvei secures a major payment institution license from MAS, enabling its expansion into APAC markets, particularly in Singapore.
The license empowers Nuvei Singapore Pte Ltd. to offer domestic and international money transfer services, as well as merchant acquisition services in Singapore.
This development comes amid Nuvei’s acquisition announcement by Advent International and MAS’s recent grant of MPI licenses to global payment firms like TerraPay.

Nuvei’s MPI license from MAS fuels APAC expansion plans. Acquisition by Advent International and MAS’s grants to TerraPay mark significant developments.

Nuvei’s expansion in APAC

Nuvei has been awarded a significant payment institution (MPI) license by the Monetary Authority of Singapore (MAS), boosting its planned expansion into local markets across the Asia-Pacific (APAC) region.

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Diverse payment services offered

The newly obtained license permits Nuvei’s regional entity, Nuvei Singapore Pte Ltd., to offer three categories of payment services in Singapore: domestic money transfers, merchant acquisition services, and international money transfers.

Philip Fayer, Chairman and CEO of Nuvei, states that the latter service will be facilitated “through direct card payouts,” representing one of the “additional payment solutions” the company aims to introduce to the “critically important region.”

Industry developments and partnerships

Established in 2003 and headquartered in Montréal, Nuvei provides enterprises with payment processing technology, as well as solutions for risk and fraud management, and banking and card issuing services.

This licensing in Singapore closely follows Nuvei’s announcement last week of its impending acquisition by US private equity firm Advent International, in a deal valued at $6.3 billion.

Moreover, MAS has been actively granting MPIs to global payment technology firms this week, with UK-based cross-border payments firm TerraPay being the recipient of one from the Singaporean regulator.