Nium, a leading global B2B (business-to-business) payments platform, has announced that it has obtained in principle approval for two payment licences from the Monetary Authority of Singapore (MAS).
Obtaining these payment licences will allow Nium to serve businesses and consumers in Singapore more comprehensively. It will empower the company to provide a wider range of innovative payment solutions, enhance their digital capabilities, and strengthen their position as a leading fintech player in the region.
The two payment licences Nium has received in principle approval for are the Standard Payment Institution and the Major Payment Institution licences. These licences enable Nium to facilitate a broad spectrum of payments including domestic and cross-border transactions, e-wallet services, and enable the issuance of payment cards.
Prajit Nanu, co-founder, and CEO of Nium expressed his excitement over the approval, stating, “Obtaining these payment licences from the Monetary Authority of Singapore is a significant milestone for Nium. It demonstrates our commitment to providing secure, compliant, and innovative financial services to businesses, individuals, and partners.”
With the steady growth of digital payments in Singapore and across Asia, the approval of these licences positions Nium to leverage the increasing demand for seamless and efficient payment solutions. By continually investing in technology and expanding its regulatory capabilities, Nium aims to further revolutionize the payments landscape in the region.
Nium has gained significant traction over the years and has established partnerships with global giants such as Google, Visa, and Mastercard. This latest approval by the Monetary Authority of Singapore will undoubtedly strengthen their reputation as a reliable and innovative payments platform, attracting more businesses and consumers to their services.
The payment licences granted in principle are an essential step towards the final granting of the licences, subject to fulfilling the requirements set forth by the Monetary Authority of Singapore. Nium remains committed to working closely with regulatory authorities to ensure compliance and deliver exceptional payment solutions.
As the fintech industry continues to evolve, Nium’s determination to provide cutting-edge and compliant payment solutions sets them apart from their competitors. The obtaining of in principle approval for the two payment licences marks an exciting milestone for both Nium and the digital payment landscape in Singapore.