Singapore-based fintech start-up Qashier 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 city-state’s Payment Services Act (PS Act), a framework for the regulation of payment systems and payment service providers, was initially implemented in 2019. Companies like Qashier that have already started operations prior to the act’s implementation were required to file an official licence and operate under the 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 provide services, including domestic money transfers, inward cross-border money transfers, and merchant acquisitions.

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

The company, which has offices in Malaysia, the Philippines, Singapore and Thailand, plans to continue, it says, investing in research and development to deliver more innovative solutions to businesses in the region.

“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,” adds Christopher Choo, the company’s co-founder and CEO. “The company 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.”