Singapore-based fintech startup, Qashier, has achieved a significant milestone by obtaining in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) licence. This approval positions Qashier to offer merchant acquisition services, as well as domestic and cross-border money transfer services, enhancing financial connectivity in Southeast Asia.

The MPI licence is part of the regulatory framework established under the Payment Services Act (PS Act) of 2019, which oversees payment systems and service providers in Singapore. Qashier, having launched operations the same year the PS Act was implemented, operated under an exempted status until this formal approval.

“We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our licence application. 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. Qashier looks forward to progressively introducing a suite of omnichannel product and service offerings enabling restaurants and retailers in Singapore to operate, transact and grow across Southeast Asia.”

Christopher Choo, Co-founder and CEO of Qashier

Qashier’s vision extends beyond payment processing. The company aims to roll out an omnichannel suite of products and services that will empower restaurants and retailers in Singapore to expand their operations across Southeast Asia. Since its inception, Qashier has processed transactions exceeding US$1 billion and has supported over 6,000 businesses with its integrated hardware and cloud-based software solutions.

With offices in Malaysia, the Philippines, Singapore, and Thailand, Qashier is strategically positioned to capitalize on regional growth opportunities. The company also plans to continue investing in research and development to innovate further and deliver sophisticated solutions to businesses in the region and beyond.