Nium Receives New Payments License Privileges from the Monetary Authority of Singapore
New license privileges expand Nium’s payment service capabilities to include account issuance, domestic money transfers, merchant acquisition, and E-money issuance
SINGAPORE, 9 JULY, 2021 – Nium, a leading global payments platform, today announced that its Singapore entity, Nium Pte Ltd. has been issued licences by the Monetary Authority of Singapore, under the Payments Services Act 2019 (PSA), to conduct account issuance, domestic money transfers, merchant acquisition, and E-money issuance services.
Approved and issued on 1 July, 2021, the new licences extend Nium’s ability to offer these payment services, in addition to is previously licenced activity of cross-border money transfer. Nium continues to expand its licensing portfolio to include more countries across 11 jurisdictions, worldwide. Nium is the only fintech infrastructure provider to be licenced in more than 40 countries and has created an unmatched network to deliver global embedded financial services.
“These new licences are a display of the Monetary Authority of Singapore’s confidence in Nium’s value to the Singapore ecosystem, and the seamless solutions we provide to our customers,” said Prajit Nanu, Nium’s co-founder and CEO. “As a Singapore-headquartered company, it is especially exciting to offer more solutions to our home-market. It’s our mission at Nium to continue expanding our global footprint and providing even more powerful payment capabilities for our customers, both locally and abroad.”
The Payment Services Act is a globally leading and forward-looking framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and Fintech.