SINGAPORE-BASED fintech startup Qashier was granted in-principle approval for a major payment institution licence by the Monetary Authority of Singapore (MAS).
This means that Qashier’s payment services – domestic and cross-border money transfers and merchant acquisitions – will be regulated under the Payment Services Act.
Following the approval, the company intends to continue investing in research and development to expand its offerings across South-east Asia, and beyond the region.
The startup focuses on helping businesses transition to the digital economy through its integrated point-of-sale and payment solution. Qashier currently has four South-east Asia offices in Malaysia, the Philippines, Singapore and Thailand.
“We hope to pave the way for our industry while, at the same time, offering safer and faster domestic and cross-border payments for businesses in Singapore and the region,” said chief executive and co-founder Christopher Choo on Tuesday (Apr 23).
Launched in 2019, Qashier’s integrated hardware and cloud-based software solution has processed over US$1 billion worth of transactions and streamlined business operations for 6,000 businesses across South-east Asia.
Last year, the startup raised US$10 million in a Series A funding round led by Delivery Hero Ventures and IFP Securities.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
