EBANX Secures In-Principle Approval for License From Monetary Authority of Singapore

Global payment service provider EBANX secured In-Principle Approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This license supports cross-border money transfers and merchant acquisition services in Singapore, the company said in a Monday (Feb. 17) press release.

EBANX CEO and Co-founder João Del Valle said in the release that the receipt of this approval demonstrates the company’s ability to “meet the highest regulatory standards” and that it will allow EBANX to offer all its clients additional capabilities within its payment services.

Thirty-nine percent of the company’s total processed volume in 2024 came from the Asia-Pacific (APAC) region, according to the release.

If the MAS issues the license, it will accelerate EBANX’s expansion plans in the region as well as strengthening its global operations, per the release.

“This moment marks another chapter of EBANX’s successful story in the APAC region and a significant step forward in our global expansion strategy,” Del Valle said in the release. “It will build upon our powerful operations in LatAm, Africa and India and solidify our position as a trusted partner for businesses operating in emerging markets.”

EBANX said in October that it began enabling global visual communication platform Canva to offer localized payment options in six Latin American countries. With digital wallets, instant payments, and debit and credit cards enabled by EBANX, Canva can grow its software-as-a-service (SaaS) offering in the region, the companies said at the time in a press release.

“By partnering with EBANX, we’re making it easier for millions of people to access our platform using payment methods they trust and prefer,” Felipe Godoy, growth marketing manager at Canva LATAM, said in the release.

Also in October, EBANX said it enabled merchants to use its payment services to prepare to integrate the upcoming recurring transaction capability of Brazil’s Pix, Pix Automático.

Technical documentation offered by EBANX enables the company’s partners to start backend development, access a simulated environment that allows them to test their integrations of EBANX’s application programming interface (API) for Pix Automático, and be ready to offer the recurring transaction capability on the day it is launched.