- Nuvei’s Licence Grant:
- Nuvei, a Canadian payment technology company, has been granted a major payment institution (MPI) licence by the Monetary Authority of Singapore (MAS).
- Licence Details:
- The licence allows Nuvei’s regional entity, Nuvei Singapore Pte Ltd., to offer three categories of payment services in Singapore: domestic money transfers, merchant acquisition services, and international money transfers.
- Expansion Plans in APAC:
- This licence acquisition fuels Nuvei’s planned expansion into local markets across the Asia-Pacific (APAC) region.
- Service Offerings:
- Nuvei aims to provide international money transfer services in Singapore through direct card payouts, in addition to other payment solutions it plans to deliver to the APAC region.
- Company Background:
- Founded in 2003 and headquartered in Montréal, Nuvei offers payment processing technology, risk and fraud management solutions, and banking and card issuing services to enterprises.
- Acquisition News:
- The licence grant follows Nuvei’s recent announcement of being acquired by US private equity firm Advent International in a deal worth $6.3 billion.
- MAS Activities:
- MAS has been actively granting MPI licences to global payment technology firms, with UK-based TerraPay also receiving one from the Singaporean regulator this week.
