“This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts.”
Nuvei Corporation has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
The regulatory milestone will enable the payments company to significantly expand across the APAC region and offer domestic and cross-border money transfers, along with merchant acquisition services in Singapore.
International money transfers through direct card payouts
Nuvei’s platform is tailored to reduce operating costs for businesses, improve conversion rates, ensure payment solution consolidation, maximize payment acceptance, and minimize risk while improving customer payment experiences.
Philip Fayer, Chair and CEO at Nuvei, said: “Securing this MPI license is another significant milestone as we continue accelerating our growth in APAC. This license enhances our service offering for customers in Singapore by enabling us to provide additional payment solutions, including international money transfers through direct card payouts. It also provides another validation of our steadfast commitment to optimizing the payment experience for businesses and consumers throughout this critically important region.”
Beyond Singapore, Nuvei has been enhancing its presence across the Asia-Pacific, including launching direct card-acquiring capabilities in Australia and growing its operations in China. Nuvei supports 680 alternative payment methods and provides acquiring options in more than 50 markets.
Nuvei offers near-instantaneous payouts via Mastercard
The MPI license comes on the heels of a recent initiative by Nuvei to enable near-instantaneous business payouts in Singapore through a partnership with Mastercard Send, facilitating rapid cross-border payouts to billions of Mastercard holders worldwide.
The surge in remote work and the proliferation of online trading, particularly among younger investors, has created a demand for seamless and immediate payment solutions. Mastercard’s Send service aligns well with the need for swift transactions and user convenience, allowing traders to cash out their investments quickly and efficiently.
Among the many Nuvei customers operating within the financial brokerage industry is Plus500, whose COO Alon Naznin applauded the new service: “In an unpredictable trading environment where price fluctuations happen in seconds, Mastercard Send provides online traders with the peace of mind that they can cash-out instantly, at the click of a button.”
