Fiserv acquires new license

Fiserv’s Singapore-based entity, First Data Merchant Solutions, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). The license, which was effective from January 1, 2023, allows the company to provide merchant acquisition and domestic and cross-border money transfer services under the Payment Services Act (PS Act) 2019.

As a leading global provider of payment and financial technology solutions, Fiserv has been serving some of the biggest banks, fintechs, and merchants in the Asia Pacific region for over 20 years. The company offers end-to-end payment solutions for small businesses in Singapore and large enterprise clients, facilitating payment acceptance across physical and digital channels and providing a wide range of payment methods at a global scale.

The MPI license will allow Fiserv to support new payment flows and continue offering merchant acquiring services in Singapore. The company has a strong Global Risk and Controls Framework and Global Cybersecurity Services in place to ensure compliance with the PS Act in Singapore and other regulatory bodies around the world.

In addition to fulfilling MPI license obligations, Fiserv will continue to enhance its compliance program, which includes anti-money laundering and anti-terrorism financing measures, as well as industry-leading cybersecurity standards to protect customer data.

Fiserv is committed to expanding its merchant acquiring business in Singapore and beyond, and will continue to support the merchant community with robust and secure payments technology, according to Suhaib Khanyari, General Manager of ASEAN at Fiserv. The company’s goal is to provide financial services that keep pace with modern life and the rapidly changing world.