Qashier awarded in-principle approval for a Major Payment Institution Licence (MPI)

SINGAPORE, 23 April, 2024 – Singapore-based fintech startup Qashier announced today that the company has been awarded in-principle approval by the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license to offer merchant acquisition services, and domestic and cross-border money transfer services.

The Payment Services Act (“PS Act”), a framework for the regulation of payment systems and payment service providers in Singapore, was initially implemented in 2019. Companies like Qashier who have already started operations prior to the Act’s implementation were required to file an official licence, during which they will operate under the exempted framework.

To facilitate transactions across Southeast Asia from 2019–2024, Qashier was exempted under the PS Act for a specified period so that it could provide services including domestic money transfers, inward cross-border money transfers, and merchant acquisitions.

“We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our licence application. We hope to pave the way for our industry while at the same time, offer safer and faster domestic and cross-border payments for businesses in Singapore and the region,” said Christopher Choo, Co-founder and CEO of Qashier. 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.”

Since the company’s inception in 2019, Qashier has processed over US$1 billion worth of transactions and empowered over 6,000 businesses across Southeast Asia with its integrated hardware and cloud-based software solution that streamline business operations.

Qashier continues to grow, and currently has four offices across Southeast Asia: Malaysia, the Philippines, Singapore, and Thailand. The company plans to continue investing in research and development to deliver more innovative solutions to businesses in the region and beyond.

About Qashier

Qashier is a Singapore-based fintech startup that readies businesses for the digital economy by empowering them with one integrated smart point-of-sale and payment solution. Businesses of all sizes accomplish more with a suite of powerful cloud-based software including customer loyalty, inventory management, an online ordering system, and other offline-to-online tools. By pairing technology with a strong commitment to merchant success, Qashier helps SMEs affordably streamline and scale operations while increasing revenue.

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