Banking Circle S.A. (Banking Circle), a Luxembourg licenced bank and a leading international provider of next-generation banking services, is pleased to announce that its wholly owned subsidiary BC Payments Pte. Ltd. (BC Payments Singapore) has received the In-Principle Approval (IPA) for the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This IPA marks a significant milestone for BC Payments Singapore. If granted, the MPI license allows BC Payments Singapore to leverage Banking Circle’s extensive network of direct and indirect access to global clearing infrastructure, offering seamless cross-border payment services and operating as a key regional headquarters within its global payments hub.
“The award of IPA from MAS is a testament to our commitment to delivering secure and efficient payment solutions, leveraging Singapore’s strong regulatory framework and strategic location,” said Laust Bertelsen, Co-Founder and CEO of Banking Circle. “This milestone will enhance our ability to service clients in Singapore and across the broader Asia-Pacific region, reinforcing our mission to facilitate global cross-border payment services and provide technology driven financial solutions.”
Mishal Ruparel, CEO of BC Payments Singapore, added: “BC Payments Singapore has been growing its presence in Singapore since January 2022 and we are working hard to secure the MPI license. We plan to double the size of our team in the Singapore office over the next year, reinforcing the commitment to our regional expansion strategy. We are encouraged by the trust placed in us by our potential clients, and we look forward to empowering them with fast and efficient cross-border payments solutions.”
The expansion of BC Payments Singapore reflects ambitions at the forefront of financial innovation, delivering cutting-edge payment solutions that meet the evolving needs of payment companies, banks and global marketplaces in the region. This builds on Banking Circle’s earlier announcement of the acquisition of 100% stake in Australian Settlements Limited in January 2025, subject to satisfaction of certain closing conditions including regulatory approvals, strengthening Banking Circle’s position as a global payments hub.
An in-principle approval (IPA) reflects MAS’ view that a license may be issued to the applicant upon the fulfilment of specific 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.