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.