Summary
Fintech firm KPay announced on July 27, 2026, that its Singapore subsidiary, KPay Merchant Service, has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) licence under the Payment Services Act 2019. The approval will allow KPay to provide merchant acquisition services, as well as domestic and cross-border money transfers.
KPay serves more than 10,000 local SME merchants in Singapore, primarily in the retail and F&B sectors. Regionally, the group serves over 95,000 merchants across Singapore, Hong Kong, Australia, and Japan. The company raised $55 million in a Series A round in 2024.
Key Facts
- In-principle approval from MAS for MPI licence under Payment Services Act 2019
- Will enable merchant acquisition, domestic and cross-border money transfers
- Serves 10,000+ SME merchants in Singapore (retail and F&B focus)
- Regional footprint: 95,000+ merchants across Singapore, Hong Kong, Australia, Japan
- Raised $55M Series A in 2024
- Singapore serves as dual headquarters alongside Hong Kong
- Faster onboarding, improved settlement reporting expected after final licence
Why It Matters
KPay's MPI licence approval is a significant milestone for the company's regional expansion strategy. Singapore's MAS licensing framework is one of the most rigorous in Asia, and achieving in-principle approval signals that KPay has built the compliance and operational infrastructure necessary to operate in highly regulated markets.
The approval also reflects the growing importance of Singapore as a regulatory hub for fintechs targeting Asia-Pacific expansion. KPay explicitly frames Singapore as "the model" for its regional ambitions, suggesting the company will use its MAS-regulated status as a credential when entering other markets.