Nuvei Secures Key Payment Institution License in Singapore

Nuvei, a leading global payment technology provider, has achieved a significant milestone in its expansion strategy with the acquisition of a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). This license enables Nuvei’s regional entity, Nuvei Singapore Pte Ltd., to offer a range of payment services in Singapore, signalling the company’s strategic entry into the burgeoning markets of the Asia-Pacific (APAC) region.

Under the MPI license, Nuvei Singapore is set to provide three core payment services: domestic money transfers, merchant acquisition services, and international money transfers, including direct card payouts. This move underscores Nuvei’s commitment to delivering tailored payment solutions to meet the unique needs of the APAC region.

Philip Fayer, Chair and CEO of Nuvei, described the MPI license as a pivotal moment in the company’s expansion, emphasising the strategic importance of the Asia-Pacific market. Fayer highlighted Nuvei’s dedication to providing innovative payment solutions, leveraging its advanced technology and infrastructure.

Founded in 2003 and headquartered in Montréal, Nuvei has established itself as a global leader in payment processing technology, offering solutions in risk and fraud management, banking, and card issuing services. The acquisition of the MPI license in Singapore positions Nuvei at the forefront of the rapidly evolving fintech landscape in the APAC region.

Nuvei’s achievement in securing the MPI license follows the announcement of its impending acquisition by US private equity firm Advent International in a deal valued at $6.3 billion. This partnership is expected to drive growth and innovation for Nuvei, reinforcing its position in the payments industry.

MAS has been actively supporting Singapore’s fintech ecosystem by granting MPI licenses to global payment technology firms. TerraPay, a UK-based cross-border payments firm, is among the recent recipients, highlighting Singapore’s attractiveness for fintech innovation.

As Nuvei embarks on its expansion journey in the Asia-Pacific region, the issuance of the MPI license in Singapore underscores the company’s commitment to fostering financial inclusion, enabling seamless payments, and empowering businesses in the digital era.