[Media Release]
Singapore, 23 April 2024 – Qashier, the Singapore-based fintech company, has announced that it has received in-principle approval for a Major Payment Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), allowing it to serve merchant customers with domestic payment acceptance and cross-border money transfer services.
The Payment Services Act (“PS Act”) is the framework governing payment systems and payment service providers in Singapore, first introduced in 2019. Companies such as Qashier that began operating before the legislation came into force are required to file a formal licence application.
To keep business and transactions across South East Asia running smoothly, Qashier operated under an exemption from the PS Act for a specified period from 2019 to 2024, covering domestic money transfers, inbound cross-border transfers and merchant acquisition.
“We are very proud and excited to have received in-principle approval from MAS for our licence application. We hope it will be recognised across our industry, and at the same time we will be focused on delivering secure, fast domestic and cross-border payment services to businesses in Singapore and the surrounding region,” said Christopher Choo, Co-founder and CEO of Qashier.
“Qashier looks forward to offering a broad range of omni-channel products and services that help restaurants and retail businesses in Singapore, and in the other markets we serve, to operate, trade and grow across South East Asia,” Chris added.
Since the company started in 2019, Qashier has processed transactions worth more than one billion US dollars and supported over 6,000 businesses in South East Asia with POS hardware and software solutions — a cloud-based POS system that makes business processes and shop management smooth and simple.
Qashier continues to grow and now has four offices across South East Asia — in Malaysia, the Philippines, Singapore and Thailand. The company plans to keep investing in research and development to deliver still more compelling solutions to businesses in the region and beyond.
For more about Qashier and how we can help your business, please visit our website at: https://www.qashier.com/th/en/.
For media enquiries, please contact:
Harvi Torres
Regional Marketing Manager of Qashier
[email protected]
About Qashier (www.qashier.com)
Qashier is a Singapore fintech startup helping merchants get ready for the digital economy by empowering them with an all-in-one smart point-of-sale and payments technology solution. Businesses of every kind can do better with a cloud-based POS software suite that includes membership, inventory management, online food ordering and other offline-to-online tools. Pairing technology with a commitment to merchant success, Qashier helps SMEs improve efficiency and scale their business at an affordable price while growing profit at the same time.
Backed by venture investors including Delivery Hero Ventures, IFP Securities, Antler Elevate, Cocoon Capital, HCVC and Exor Ventures.
Do more, grow more, be more with Qashier