Currencycloud Secures Pre-Approval for MPI License in Singapore
Currencycloud recently secured pre-approval for a Major Payment Institution (MPI) license in Singapore. It will expand its footprint in the Asia-Pacific region. Currencycloud is a prominent player in the global payments platform market.
Currencycloud Secures Pre-Approval – About an MPI License
The MPI (Major Payment Institution) license, governed by the Monetary Authority of Singapore (MAS), is a regulatory framework to oversee payment service providers in Singapore. It covers numerous payment services, including account issuance, domestic and cross-border money transfers, and merchant acquisition. The license is necessary for businesses offering exhaustive payment services within Singapore. It ensures they adhere to stringent regulatory standards to protect consumers and promote healthy competition. Currencycloud will expand its operational capabilities within Singapore with this licence.
Benefits for Traders
This licence will offer numerous benefits to traders and investors:
Reduced Transaction Costs
Currencycloud simplifies international transactions. It offers reduced costs related to currency conversion and cross-border payments. Lower transaction fees mean higher net investment returns, especially for those involved in frequent or large-scale international trading.
Faster Transaction Processing
Currencycloud’s payment platform significantly speeds up the processing time for international payments. Faster transactions ensure that capital can be moved more quickly across borders. It enables timely investments and capitalization on market movements.
Improved Financial Transparency
Currencycloud provides real-time information on exchange rates and transaction fees. It helps make informed decisions and allows for better financial planning and risk management in the volatile international markets.
Access to Emerging Markets
Currencycloud will expand its services in the Asia-Pacific region. It will offer easy access to emerging markets, which are often less accessible due to complex financial systems and regulatory environments. Currencycloud’s presence can bring new investment opportunities.
Enhanced Security
The MPI license ensures that Currencycloud adheres to the stringent regulatory standards of the Monetary Authority of Singapore (MAS). It also enhances transaction security and compliance, reduces the risk of fraud, and ensures asset protection.
About Currencycloud
Currencycloud is a global financial technology company that provides a platform for businesses to manage their cross-border payments, foreign exchange transactions, and virtual account management. They simplify international transactions for companies of all sizes. It enables them to move money globally easily and efficiently. Currencycloud offers transparent, flexible, and secure solutions to reduce the complexities of international payments.
Looking Ahead
Currencycloud’s expansion into Singapore will reinforce Singapore’s prestige as a leading FinTech hub. Currencycloud will attract additional interest from global investors and tech companies to enrich Singapore’s FinTech ecosystem with innovative payment solutions and international finance expertise.
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