Today: December 8, 2023

Fiserv To Support New Payment Flows With Major Payment Institution License From MAS

2 mins read

1 February 2023

Company’s local operating entity granted license to provide merchant acquisition and domestic and cross border money transfer services under the Payment Services Act.

A Fiserv, Inc. 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, a leading global provider of payments and financial services technology  solutions that has its regional headquarters in Singapore, has been providing  solutions to some of the largest banks, fintechs, and merchants in Singapore and  across the Asia Pacific region for over two decades. 

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. 

Fiserv has a well-established Global Risk and Controls Framework and Global  Cybersecurity Services to help ensure adherence to the regulations established under the PS Act in Singapore, as well as the regulatory bodies in markets around the world  in which the company operates. 

Fiserv, as part of the MPI license obligations and its own internal standards, will  continue to enhance its rigorous compliance program, which includes anti-money  laundering and anti-terrorism financing measures, as well as industry leading cyber  security standards to protect customer data. 

“Fiserv has a history of payments innovation in Singapore, and we are well-positioned  and committed to expand our merchant acquiring business in the country and  beyond, continuing to support the merchant community with robust and secure global  payments technology enabling locally relevant payment acceptance solutions that  meet the demands of today’s consumer,” said Suhaib Khanyari, General Manager of  ASEAN at Fiserv. 

Latest from Blog