The Canadian fintech company Nuvei Corporation has
secured a Major Payment Institution (MPI) license in Singapore as part of its
initiative to expand operations in the Asia-Pacific (APAC) region. This approval enables Nuvei to offer various payment
services, including domestic and cross-border money transfers and merchant
acquisition services, to businesses in Singapore.
Nuvei’s MPI license grants the firm the authority to
operate three crucial payment services in Singapore, catering to the diverse
needs of businesses in the region.
Philip Fayer, Nuvei‘s Chair and CEO, mentioned:
“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.”
We’re pleased to announce that we have been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore, allowing us to offer more payment services in Singapore 🚀
Read the full press release here: https://t.co/QAo3wnaaKr pic.twitter.com/usfXQATAEH
— Nuvei (@Nuvei) April 9, 2024
Recently, Nuvei partnered with Mastercard Send to
strengthen its operations in Singapore. The collaboration allows
businesses to process cross-border payouts through over 1.5 billion Mastercard
debit, credit, and prepaid cards globally.
The latest acquisition of the MPI license in
Singapore is part of Nuvei’s broader expansion strategy across the APAC region,
which includes launching direct card-acquiring capabilities in Australia and
boosting business in China.
Partnerships and Expansion Initiatives
Last year, Nuvei opened a new office in China to
strengthen its presence in the country. During the launch,
Fayer acknowledged the critical role of payment partners with global reach
and regional insights in scaling e-commerce businesses internationally.
@Nuvei is expanding its presence in the APAC region with a new operational hub in China, enhancing its global reach and enabling businesses to enter new markets with increased local expertise 🌐
Read more about our ongoing journey in APAC 🔗 https://t.co/GqascOUKbz
#Fintech pic.twitter.com/6MlLS47qgk
— Nuvei (@Nuvei) October 3, 2023
The expansion into China followed Nuvei’s recent
initiatives in the APAC region. The company has already
secured licenses in Hong Kong and Australia. Additionally, Nuvei highlighted its commitment to expanding its payment infrastructure by acquiring Paya last year.
Recently,
Nuvei privatized its operations in a transaction led by Advent International, a private equity investment company. The deal
is valued at approximately $6.3 billion. Under the
terms of the agreement, Nuvei’s shareholders will gain $34 per share in cash.
According to a report by Finance Magnates, Fayer will maintain his role as the
company’s Chair and CEO post-privatization to ensure continuity and operational
efficiency.
The
proposed transaction garnered support from Nuvei’s
shareholders, including Fayer, Novacap, and CDPQ, collectively representing a
substantial portion of voting power. However, the completion of the deal
remains subject to shareholders’ approval, with the expected completion set for late 2024
or early 2025.
The Canadian fintech company Nuvei Corporation has
secured a Major Payment Institution (MPI) license in Singapore as part of its
initiative to expand operations in the Asia-Pacific (APAC) region. This approval enables Nuvei to offer various payment
services, including domestic and cross-border money transfers and merchant
acquisition services, to businesses in Singapore.
Nuvei’s MPI license grants the firm the authority to
operate three crucial payment services in Singapore, catering to the diverse
needs of businesses in the region.
Philip Fayer, Nuvei‘s Chair and CEO, mentioned:
“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.”
We’re pleased to announce that we have been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore, allowing us to offer more payment services in Singapore 🚀
Read the full press release here: https://t.co/QAo3wnaaKr pic.twitter.com/usfXQATAEH
— Nuvei (@Nuvei) April 9, 2024
Recently, Nuvei partnered with Mastercard Send to
strengthen its operations in Singapore. The collaboration allows
businesses to process cross-border payouts through over 1.5 billion Mastercard
debit, credit, and prepaid cards globally.
The latest acquisition of the MPI license in
Singapore is part of Nuvei’s broader expansion strategy across the APAC region,
which includes launching direct card-acquiring capabilities in Australia and
boosting business in China.
Partnerships and Expansion Initiatives
Last year, Nuvei opened a new office in China to
strengthen its presence in the country. During the launch,
Fayer acknowledged the critical role of payment partners with global reach
and regional insights in scaling e-commerce businesses internationally.
@Nuvei is expanding its presence in the APAC region with a new operational hub in China, enhancing its global reach and enabling businesses to enter new markets with increased local expertise 🌐
Read more about our ongoing journey in APAC 🔗 https://t.co/GqascOUKbz
#Fintech pic.twitter.com/6MlLS47qgk
— Nuvei (@Nuvei) October 3, 2023
The expansion into China followed Nuvei’s recent
initiatives in the APAC region. The company has already
secured licenses in Hong Kong and Australia. Additionally, Nuvei highlighted its commitment to expanding its payment infrastructure by acquiring Paya last year.
Recently,
Nuvei privatized its operations in a transaction led by Advent International, a private equity investment company. The deal
is valued at approximately $6.3 billion. Under the
terms of the agreement, Nuvei’s shareholders will gain $34 per share in cash.
According to a report by Finance Magnates, Fayer will maintain his role as the
company’s Chair and CEO post-privatization to ensure continuity and operational
efficiency.
The
proposed transaction garnered support from Nuvei’s
shareholders, including Fayer, Novacap, and CDPQ, collectively representing a
substantial portion of voting power. However, the completion of the deal
remains subject to shareholders’ approval, with the expected completion set for late 2024
or early 2025.
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- Source: https://www.financemagnates.com//fintech/nuvei-gains-momentum-in-apac-market-with-singapore-mpi-license/
