Singapore-based fintech startup Qashier has been granted in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This milestone positions Qashier to offer merchant acquisition services along with domestic and cross-border money transfer capabilities.
Operating under the Payment Services Act since 2019, Qashier, along with other pre-existing entities, was allowed to function under an exempted framework while pursuing official licensure.
During this period, from 2019 to 2024, Qashier utilized this exemption to facilitate transactions across Southeast Asia, providing services such as domestic and cross-border money transfers, as well as merchant acquisitions.
Established in 2019, Qashier has reportedly processed transactions exceeding US$1 billion and has supported over 6,000 businesses in Southeast Asia with its technology solutions aimed at streamlining operations.
In August 2023, Qashier successfully secured US$10 million during a Series A funding round, co-led by Delivery Hero Ventures and IFP Securities. Elevate and Cocoon Capital also participated in the fundraising.
With a presence in Malaysia, the Philippines, Singapore, and Thailand, Qashier intends to invest further in research and development to innovate and expand its services across the region.
Christopher Choo, Co-founder, and CEO of Qashier expressed his excitement, stating, “We are extremely honoured and thrilled to receive in-principle approval from MAS for our license application. We aim to lead the industry forward while providing safer and faster domestic and cross-border payments for businesses in Singapore and the region.”
He added, “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.”
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