Payment Services Act 2019

Nium Becomes First Global Fintech to Secure Coveted Type 1 Funds Transfer License from Japan's Financial Service Agency

Retrieved on:

Thursday, February 29, 2024

Transfer, Type 1, JFSA, Payment Services Act 2019, Growth, Commerce, Type 2, Money, Financial Services Agency, Bank

SINGAPORE, Feb. 29, 2024 /PRNewswire/ -- Nium, the leader in real-time cross-border payments, announced today that it is the first non-Japanese company to have secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). The Type 1 license authorizes Nium to provide a wide range of financial services, including transferring up to 50 million JPY per transaction via Zengin-Net, Japan's local payment clearing rail, to a Japanese beneficiary account.

Key Points:

In 2021, an amendment to Japan's Payment Services Act lifted cross-border transfer caps for Type 1 license holders, to lower the cost of money transfers in and out of the country.
However, since this amendment passed, few companies have been able to meet the high standards for regulatory approval.
Most other non-bank entities, including Money Service Businesses, hold Type 2 licenses, which limits cross border transfers to only 1 million JPY.
This accomplishment aligns with Nium's commitment to redefining global financial services by providing users with unparalleled access to secure and innovative payment solutions.

Nium Becomes First Global Fintech to Secure Coveted Type 1 Funds Transfer License from Japan's Financial Service Agency

Retrieved on:

Thursday, February 29, 2024

Transfer, Type 1, JFSA, Payment Services Act 2019, Growth, Commerce, Type 2, Money, Financial Services Agency, Bank

SINGAPORE, Feb. 28, 2024 /PRNewswire/ -- Nium, the leader in real-time cross-border payments, announced today that it is the first non-Japanese company to have secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). The Type 1 license authorizes Nium to provide a wide range of financial services, including transferring up to 50 million JPY per transaction via Zengin-Net, Japan's local payment clearing rail, to a Japanese beneficiary account.

Key Points:

In 2021, an amendment to Japan's Payment Services Act lifted cross-border transfer caps for Type 1 license holders, to lower the cost of money transfers in and out of the country.
However, since this amendment passed, few companies have been able to meet the high standards for regulatory approval.
Most other non-bank entities, including Money Service Businesses, hold Type 2 licenses, which limits cross border transfers to only 1 million JPY.
This accomplishment aligns with Nium's commitment to redefining global financial services by providing users with unparalleled access to secure and innovative payment solutions.

XREX Singapore Receives MAS Major Payment Institution Licence In-principle Approval

Retrieved on:

Friday, November 17, 2023

Monetary Authority of Singapore, The Straits Times, DPT, Revolut, Money, Payment Services Act 2019, Digital, MAS, Partnership, MPI, Cryptocurrency, Financial services, Circle, Coinbase

SINGAPORE, Nov. 16, 2023 /PRNewswire/ -- XREX , a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator.

Key Points:

SINGAPORE, Nov. 16, 2023 /PRNewswire/ -- XREX , a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator.
This is great for Singapore and great for our industry as a whole," said XREX Singapore CEO, Christopher Chye.
The MPI licence will allow XREX Singapore to expand XREX's crypto-friendly escrow payment tool – BitCheck – to support fiat, stablecoins, and cryptocurrencies.
XREX Singapore's in-principle approval encompasses a total of six payment services, namely:
ii) Domestic money transfer service;
iii) Cross-border money transfer service;
vi) Digital payment token service.

XREX Singapore Receives MAS Major Payment Institution Licence In-principle Approval

Retrieved on:

Friday, November 17, 2023

Monetary Authority of Singapore, The Straits Times, DPT, Revolut, Money, Payment Services Act 2019, Digital, MAS, Partnership, MPI, Cryptocurrency, Financial services, Circle, Coinbase

SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- XREX , a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator.

Key Points:

SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- XREX , a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator.
This is great for Singapore and great for our industry as a whole," said XREX Singapore CEO, Christopher Chye.
The MPI licence will allow XREX Singapore to expand XREX's crypto-friendly escrow payment tool – BitCheck – to support fiat, stablecoins, and cryptocurrencies.
XREX Singapore's in-principle approval encompasses a total of six payment services, namely:
ii) Domestic money transfer service;
iii) Cross-border money transfer service;
vi) Digital payment token service.

Paxos Receives In Principle Approval from MAS for New Entity that Will Issue USD-Backed Stablecoin in Singapore

Retrieved on:

Thursday, November 16, 2023

United States dollar, Monetary Authority of Singapore, Payment, Money, Trade-weighted US dollar index, Commerce, Paxos, Payment Services Act 2019, IPA, MAS, KYC, AML, Cryptocurrency

SINGAPORE, Nov. 15, 2023 /PRNewswire/ -- Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte. Ltd. to offer digital payment token services. Paxos Digital Singapore will issue a new US dollar stablecoin that MAS has acknowledged to be substantively compliant with MAS' proposed stablecoin regulatory framework, in advance of the legislative framework coming into force. Upon receiving full approval, Paxos will be able to partner with enterprise clients to issue the USD-backed stablecoin in Singapore.

Key Points:

First expansion into Asia of a US dollar stablecoin platform, substantively compliant with MAS' upcoming stablecoin framework
SINGAPORE, Nov. 15, 2023 /PRNewswire/ -- Paxos, the leading regulated blockchain & tokenization infrastructure platform, secured in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte.
Paxos Digital Singapore will issue a new US dollar stablecoin that MAS has acknowledged to be substantively compliant with MAS' proposed stablecoin regulatory framework, in advance of the legislative framework coming into force.
Upon receiving full approval, Paxos will be able to partner with enterprise clients to issue the USD-backed stablecoin in Singapore.
Paxos is at the forefront of ushering in a new era of stablecoin utility and mainstream adoption.

FV Bank Announces Rollout of Custody Money Market Accounts

Retrieved on:

Monday, October 23, 2023

Banking, Professional Services, Finance, Payment Services Act 2019, Money, Booth, USDC, SME, Treasury, Riau rupiah, Organization, FV, USD, Payment service provider, Financial services, Bank, United States Treasury security

MONEY 20/20: FV Bank ( www.fvbank.us ), a leading U.S. licensed global digital bank, today announced the launch of a Custody Money Market Account for qualified clients.

Key Points:

MONEY 20/20: FV Bank ( www.fvbank.us ), a leading U.S. licensed global digital bank, today announced the launch of a Custody Money Market Account for qualified clients.
The Custody Money Market Account, now active and operational, provides a unique opportunity for qualified account holders to earn income on their account balance and enjoy easy transfers between their bank accounts and their custody money market account.
The Custody Money Market Accounts are held in FV Bank’s Trust division as custodial accounts and are self-directed by the account holders.
For more information about the Custody Money Market Account and FV Bank's integrated banking services, please visit www.fvbank.us or visit FV Bank at Money 20/20 at Booth #14618.

Ripple Secures Major Payments Institution License from the Monetary Authority of Singapore

Retrieved on:

Wednesday, October 4, 2023

Professional Services, Technology, Blockchain, Cryptocurrency, Finance, Fintech, Money, Payment Services Act 2019, Singapore FinTech Festival, MPI, MAS, Monetary Authority of Singapore, DPT-MPH

Ripple , the leader in enterprise blockchain and crypto solutions, announced today that its Singapore subsidiary Ripple Markets APAC Pte Ltd has secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Key Points:

Ripple , the leader in enterprise blockchain and crypto solutions, announced today that its Singapore subsidiary Ripple Markets APAC Pte Ltd has secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The issuance of Ripple’s MPI license for digital payment tokens (DPTs) follows the MAS’ in-principle approval of its license application in June 2023 .
“Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business.
The company will continue to prioritize the Asia Pacific region for adoption of its crypto-enabled payments solutions.

Mitsubishi UFJ Trust and Banking Corporation and Binance Japan Commence Joint Study to Explore New Stablecoin Issuance Using Progmat Platform to Accelerate Web3 Adoption

Retrieved on:

Tuesday, September 26, 2023

Ethereum, Interim, Mitsubishi UFJ Trust and Banking Corporation, Trust, Mitsubishi Group, Risk, FSA, Ecosystem, Payment service provider, Payment Services Act 2019, Cryptocurrency

Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan.

Key Points:

Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan.
Tatsuya Saito, Founder and CEO of Progmat Inc, Vice President of Product of MUTB, said: "We believe that the new stablecoin from this collaboration will be a step forward in advancing the Web 3.0.
Among them, Binance has a strong position in the existing crypto assets trading world, and the impact of having the most secure stablecoin functioning within this ecosystem is immeasurable.
Takeshi Chino, General Manager of Binance Japan, said: "We are honored to partner with MUTB to explore issuing new stablecoins in Japan through the Progmat platform.

Mitsubishi UFJ Trust and Banking Corporation and Binance Japan Commence Joint Study to Explore New Stablecoin Issuance Using Progmat Platform to Accelerate Web3 Adoption

Retrieved on:

Tuesday, September 26, 2023

Ethereum, Interim, Mitsubishi UFJ Trust and Banking Corporation, Trust, Multimedia, Mitsubishi Group, Risk, FSA, Ecosystem, Zelle (payment service), Payment Services Act 2019, Cryptocurrency

Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan.

Key Points:

Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan.
Tatsuya Saito, Founder and CEO of Progmat Inc, Vice President of Product of MUTB, said: "We believe that the new stablecoin from this collaboration will be a step forward in advancing the Web 3.0.
Among them, Binance has a strong position in the existing crypto assets trading world, and the impact of having the most secure stablecoin functioning within this ecosystem is immeasurable.
Takeshi Chino, General Manager of Binance Japan, said: "We are honored to partner with MUTB to explore issuing new stablecoins in Japan through the Progmat platform.

Fiserv Looks to Support New Payment Flows with Major Payment Institution License from Monetary Authority of Singapore

Retrieved on:

Tuesday, January 31, 2023

A Fiserv, Inc. (NASDAQ: FISV) operating entity that provides payment solutions for merchants in Singapore, First Data Merchant Solutions Private Limited, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), effective January 1, 2023.

Key Points:

A Fiserv, Inc. (NASDAQ: FISV) operating entity that provides payment solutions for merchants in Singapore, First Data Merchant Solutions Private Limited, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), effective January 1, 2023.
The license allows the company to provide merchant acquisition services and domestic and cross-border money transfer services under the Payment Services Act (PS Act) 2019.
Fiserv provides end-to-end payment acceptance solutions for small businesses in Singapore as well as solutions for large enterprise clients, facilitating integrated payment acceptance across physical and digital channels and offering a wide range of payment methods locally and at global scale.
The MPI license permits the continued offering of merchant acquiring services in Singapore and will allow Fiserv to support new payment flows for its clients including cross-border funds transfer services and real-time account transfers.