Volopay, a Singapore-based fintech start-up, has announced that it has received in-principle approval for a major payment institution licence from the Monetary Authority of Singapore (MAS). This licence means that Volopay’s payment services, which include account issuance, e-money, domestic money transfer, and cross-border money transfer, will be regulated under the Payment Services Act.
The major payment institution licence is one of three classes of payment service provider licences issued by MAS. With the approval, Volopay can now provide a range of payment services above specified thresholds, including handling SGD 3 million in monthly transactions for any payment service, other than e-money account issuance and money-changing services.
According to Rohit Bhageria, founding member of Volopay, the approval is an “incredible business outcome” that will enable the start-up to strengthen its foothold and services in Singapore. “With this, we can significantly boost our net profit margins and make Singapore an important and key business unit, entirely profitable on a stand-alone basis by the end of 2023 or mid-2024,” he added.
Launched in 2020, Volopay initially served customers only in Singapore and Australia. But early last year, it announced its Series A funding alongside a new market launch into India, as well as inclusion into Visa’s fast-track programme. As a Visa partner, it also entered Indonesia in the same year.
17 April 2023