Cross-border payment sector recognizes Singapore's significant role
In the vibrant fintech landscape of Singapore, two key players, Tazapay and MetaComp, stand out in the cross-border payments sector. Both companies are licensed by the Monetary Authority of Singapore (MAS) under relevant regulatory frameworks, ensuring compliance with Singapore's stringent standards.
Tazapay, a globally recognized top fintech company in payments, offers a comprehensive platform for simplifying cross-border trade. With services such as fiat and stablecoin interoperability, local payment collection in over 80 countries, and global payouts in more than 100 currencies, Tazapay empowers businesses to expand internationally without the need for local entities [1].
MetaComp, on the other hand, is a licensed cross-border foreign exchange (FX) and digital assets infrastructure provider. Operating on a platform-to-business/partners-to-clients (P2B2C) model, MetaComp provides institutional-grade infrastructure including OTC trading, fiat payment rails, regulated digital asset custody, and prime brokerage services. MetaComp also innovates in stablecoin-powered cross-border FX and liquidity routing infrastructure under its StableX platform [3].
Beyond Tazapay and MetaComp, the broader market includes fintechs and infrastructure providers integrating stablecoins into cross-border payments, such as OpenPayd and MoneyGram. While specific licensing details for these entities in Singapore were not provided in the report, it underscores Singapore’s active fintech ecosystem with innovations in payments and stablecoin integration supported by MAS licenses [1][3].
As the cross-border payments industry continues to evolve, more companies are expected to secure a cross-border payments licence in Singapore. The city-state's status as a hub for a highly skilled international workforce with a drive for innovation, coupled with its strategic location as a gateway to the rapidly emerging Southeast Asia market, makes it an attractive destination for these companies [2].
At the time of writing the report, the MAS lists 15 companies with SPI (Standard Payment Institution) licenses and 207 with MPI (Major Payment Institution) licenses, with 201 of these appearing to be active. Interestingly, less than half of licence holders in Singapore also hold a domestic money transfer licence, and less than a quarter hold e-money issuance service or money-changing service licences [4].
Just under a third hold merchant acquisition service or account issuance licences, while digital payment token service licences are the least common type held by MPI licence holders. It's worth noting that 90 of the larger international cross-border players now hold MPI or SPI licenses to operate in Singapore [4].
Remittances major MoneyGram is one of the three companies holding an SPI license in Singapore. Overall, Singapore is a major global city for the cross-border payments industry, with 90 of the world's key cross-border payments players present [5]. The majority of the 90 international companies holding MPI or SPI licenses are MPI holders, with only three holding an SPI license [6].
For a deeper dive into the companies operating in Singapore, visit our platform for the comprehensive report [7].
In the bustling cross-border payments industry, Tazapay and MetaComp, highlighted as key players in Singapore, leverage technology to simplify international trade and foreign exchange transactions. Beyond these entities, fintechs like OpenPayd and MoneyGram integrate stablecoins into their cross-border payment services, contributing to Singapore's innovative fintech ecosystem.
