EBANX, a leading global Payment Service Provider (PSP) specializing in emerging markets, today announced that EBANX Pte. Ltd. has been granted In-Principle Approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license supports two types of payment services in Singapore (namely, cross-border money transfers and merchant acquisition services), enabling EBANX to strengthen its offerings within its global settlement hub, benefiting its network of over 500 global enterprise merchants.
The MPI license will also further reinforce EBANX’s strong footprint in the Asia-Pacific region. EBANX serves leading enterprise merchants from APAC, with 39% of its total processed volume in 2024 coming from the region. EBANX maintains offices in Shanghai, China, and Singapore, and has recently established payment operations in India.
“Receiving In-Principle Approval for an MPI license in Singapore, one of the most robust ecosystems for international payments, is a testament to EBANX’s priority to meet the highest regulatory standards and provide exceptional value to our clients globally, who will now have even more capabilities enabled within our payments services,” said João Del Valle, CEO and Co-founder of EBANX, who was in Singapore last week.
EBANX’s story in Asia-Pacific dates back to the company’s foundation in 2012: The fintech’s operational hub has always been in Singapore, and when obtained, the MPI license would replace the current authorisation provided by the MAS for the company’s cross-border operations in the country. The In-Principle Approval follows a series of strategic moves by EBANX in Asia, including the partnership with YES BANK and the appointment of a Country Director for its operations in India.
“EBANX has been the payments partner of choice for APAC merchants in emerging economies for 12 years now, supporting their growth through various generations of the Asian e-commerce industry, across multiple markets in Latin America and Africa,” said Del Valle.
The successful partnerships continued, going beyond China and beyond online retail. EBANX serves multiple verticals from different Asian countries, and adding new industries to the portfolio: Australian Canva (SaaS), South Korean Gravity Game Vision (gaming), besides the Chinese giants XTransfer (financial services) and Alibaba (B2B trade) are some examples. Forbes China has also recognized EBANX as one of the 30 pioneering brands in international expansion.
“This moment marks another chapter of EBANX’s successful story in the APAC region and a significant step forward in our global expansion strategy. It will build upon our powerful operations in LatAm, Africa, and India and solidify our position as a trusted partner for businesses operating in emerging markets,” Del Valle added.
EBANX office in Singapore
To further drive strategic growth initiatives in APAC, EBANX is pleased to announce the relocation of Fernanda De Fino, Global Director of Risk and Compliance, to Singapore. In addition to her current global responsibilities, De Fino will also serve as the Executive Director of EBANX in Singapore. This appointment strengthens EBANX’s physical footprint in the APAC region, which includes a multi-functional team of 25 in Shanghai.
“Singapore’s robust regulatory framework and strategic location make it the ideal hub to connect EBANX’s global operations in 29 countries. We are excited to contribute to its leading fintech ecosystem,” said De Fino. The office in Singapore and the executive relocation are statements of EBANX’s commitment to APAC, as the company plans to continue expanding its team across the region.
About the IPA from MAS
An In-Principle Approval (IPA) reflects MAS’ view that a license may be issued to the applicant upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a license at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.