Singapore-Based Fintech Qashier Awarded In-Principle MPI Licence Approval

Qashier Cashless Payment Solutions
Qashier Cashless Payment Solutions.
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Have you come across the cashless payment systems in my feature picture above? Such as during Kampong Gelam Ramadan Bazaar 2024 or at eateries such as Tigress?

Well, they are integrated smart point-of-sale and payment solutions by Qashier, a Singapore-based fintech startup that readies businesses for the digital economy.

On Apr 23, 2024, Qashier achieved another milestone, too, with the startup 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.

To elaborate, the Payment Services Act (“PS Act”), a framework for the regulation of payment systems and payment service providers in Singapore, was implemented back in 2019. Companies like Qashier who have already started operations prior to the Act’s implementation were required to file for a MPI licence, during which they will operate under an exempted framework.

To facilitate transactions across Southeast Asia from 2019–2024, Qashier was exempted under the PS Act for a specified period so that it could continue to provide services including domestic money transfers, inward cross-border money transfers, and merchant acquisitions.

Christopher Choo, Co-founder and CEO of Qashier, said. “We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our licence application. We hope to pave the way for our industry while at the same time, offer safer and faster domestic and cross-border payments for businesses in Singapore and the region.”

“Qashier looks forward to progressively introducing a suite of omnichannel product and service offerings enabling restaurants and retailers in Singapore to operate, transact and grow across Southeast Asia.”

Empowering Thousands of Businesses With Over USD 1 Billion Processed

Since the company’s inception in 2019, Qashier has processed over US$1 billion worth of transactions and empowered over 6,000 businesses across Southeast Asia with its integrated hardware and cloud-based software solution that streamline business operations.

Qashier continues to grow, and currently has four offices across Southeast Asia: Malaysia, the Philippines, Singapore, and Thailand. The company plans to continue investing in research and development to deliver more innovative solutions to businesses in the region and beyond. Qashier’s suite of cloud-based software also includes customer loyalty, inventory management, an online ordering system, and other offline-to-online tools. The fintech startup is also backed by venture capital firms such as Delivery Hero Ventures, IFP Securities, Antler Elevate, Cocoon Capital, HCVC, and Exor Ventures.

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Qashier Awarded In-Principle MPI Licence Approval
Article Name
Qashier Awarded In-Principle MPI Licence Approval
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Qashier receives in-principle approval by the Monetary Authority of Singapore for a major payment institution (MPI) licence.
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