BC Payments Secures Major Payment Institution License Approval In Singapore

BC Payments Pte. Ltd., a Singapore-based subsidiary of Luxembourg-licensed Banking Circle, has received in-principle approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone, announced on March 24, 2025, marks a crucial step in BC Payments’ strategy to enhance its cross-border payment services in the Asia-Pacific region. Should the license be granted, BC Payments will be able to offer a broader spectrum of regulated payment solutions, solidifying its role as a regional hub within Banking Circle’s global payments network.

The in-principle approval signifies MAS’s readiness to potentially issue the license once specific conditions are met. With this license, BC Payments aims to expand its offerings to payment companies, banks, and global marketplaces, thus positioning itself as a key player in the rapidly growing payments sector.

Since expanding into Singapore in January 2022, BC Payments has been working diligently to establish a significant presence in the market. The company has outlined ambitious plans to double the size of its local team over the next year as part of its regional expansion strategy. This growth reflects BC Payments’ commitment to meeting the increasing demand for secure and efficient payment solutions in the region.

Laust Bertelsen, Co-Founder and CEO of Banking Circle, emphasized the importance of this approval, stating, "The award of IPA from MAS is a testament to our commitment to delivering secure and efficient payment solutions, leveraging Singapore’s strong regulatory framework and strategic location. This milestone will enhance our ability to service clients in Singapore and across the broader Asia-Pacific region, reinforcing our mission to facilitate global cross-border payment services and provide technology-driven financial solutions."

Furthermore, BC Payments plans to leverage its parent company’s robust infrastructure to ensure seamless access to global clearing systems. The company will utilize a multi-currency clearing network for major currencies, allowing it to provide innovative solutions such as multicurrency accounts and localized clearing for cross-border transactions.

Mishal Ruparel, CEO of BC Payments Singapore, noted that the company has experienced steady growth in Singapore since its inception, saying, "BC Payments Singapore has been growing its presence in Singapore since January 2022, and we are working hard to secure the MPI license. We plan to double the size of our team in the Singapore office over the next year, reinforcing our commitment to our regional expansion strategy."

In the fast-emerging landscape of digital payments, such regulatory approvals are critical. They not only enable firms like BC Payments to offer more comprehensive services but also signify a growing trust in these institutions by regulatory bodies. BC Payments' plans to enhance its service offerings through the MPI license are also poised to help clients navigate the complexities of cross-border transactions with increased efficiency.

This regulatory milestone comes at a time when the demand for advanced payment solutions is burgeoning. By positioning itself as a reliable link in the financial chain, BC Payments expects to play a pivotal role in the future of financial transactions across borders. The company appears set to make significant impacts in the payment sector, especially as it builds on the momentum from this recent approval.

With the positive outlook from both management and the regulatory body, BC Payments is on a trajectory aimed squarely at innovation and expanded service provision within one of the world’s most dynamic markets. This proactive approach not only enhances the company's competitiveness but also promises to bring substantial benefits to its future clientele in Singapore and beyond.