HitPay, a Singapore-based commerce platform for small and medium-sized businesses, has received a Major Payment Institution (MPI) license from the Singapore government. Monetary Authority of Singapore (MAS)This follows the in-principle approval given in February this year.
This license allows Hit Pay We provide merchant acquisition and domestic and international remittance services, creating cross-border business opportunities for small and medium-sized enterprises.
In addition to the MPI license, HitPay holds several local licenses in Southeast Asia. PhilippinesHitPay Payment Solutions Inc holds a Payment System Operator (OPS) license from the Bangko Sentral ng Pilipinas.
Meanwhile, in Malaysia, Mobiedge E-Commerce Sdn Bhd, a subsidiary of HitPay Payment Solutions Sdn Bhd, is registered as a merchant acquirer under Bank Negara Malaysia.
This new licence supports HitPay’s goal of empowering SMEs with accessible commerce tools and facilitating the growth of SMEs in Singapore and Southeast Asia.
Founded in 2016, HitPay provides no-code, full-stack commerce infrastructure and is backed by investors including Tiger Global, Global Founders Capital, HOF Capital and Y Combinator.
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