Companies like Qashier who have already started operations prior to the act’s implementation were required to file an official licence, during which they will operate under the exempted framework.
Singapore-based fintech startup, Qashier, announced that the company has been awarded in-principle approval by the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) licence to offer merchant acquisition services, and domestic and cross-border money transfer services.
The payment services act, a framework for the regulation of payment systems and payment service providers in Singapore, was initially implemented in 2019.
