Tazapay gets In-principle approval from MAS to offer payment services
SINGAPORE, Feb. 17, 2023 /PRNewswire/ -- Tazapay, a Singapore headquartered fintech company which provides cross border payments, was granted an in-principle approval for a major payment institution (MPI) licence by the Monetary Authority of Singapore. This approval covers 5 payment services - Account issuance, Merchant acquisition, Cross border money transfer, Domestic money transfer and E-money issuance .
Singapore is a trade hub for the rest of Asia and the world, the MPI licence in Singapore will allow Tazapay to effectively service exporters, importers and cross border ecommerce platforms in the region.
Tazapay provides a full-stack API for cards and local payment methods globally with buyer and seller protection. In just two years, the firm has built a global card coverage and 85 markets for local payments collection coverage all this with embedded protection for buyer and sellers.
Earlier the company had announced its series A funding of USD 16.9 Million.
"We are delighted to receive the in-principle approval for becoming a Major Payment Institution in Singapore from the Monetary Authority of Singapore. Tazapay will be able to offer its full suite of services to its Singapore and regional customers and also directly partner with Banks and card schemes to offer innovative and mission critical cross border payment solutions. As a Singapore born and headquartered company, this is a very special milestone for the company" said Tazapay.
Tazapay is a secure digital payment platform for businesses engaging in cross-border transactions. It provides a full-stack payment solution including cards and local payment methods globally with buyer and seller protection. In just two years, the firm has built a global network of over 170 markets for its card coverage and 85 markets for its local payments collection coverage and processes hundreds of millions annually.
Founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered, Tazapay has raised over USD 20 million in funding.
For more information about Tazapay, please visit https://tazapay.com/