In a significant leap for its global payment reach, EBANX, a leading global Payment Service Provider (PSP) focusing on emerging markets, has secured an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval positions EBANX Pte. Ltd. to offer cross-border money transfers and merchant acquisition services in Singapore, considerably enhancing its global settlement hub. This development is monumental for EBANX, as it strengthens ties with its extensive network of over 500 global enterprise merchants who rely on the company’s capabilities to navigate the increasingly interconnected world of global finance.
EBANX’s operations in the Asia-Pacific (APAC) region have seen remarkable growth, with 39% of its projected total processed volume in 2024 expected to originate from APAC. By maintaining strategic offices in Shanghai, China, and Singapore, and recently initiating payment operations in India, EBANX has continuously expanded its footprint. Del Valle, CEO and Co-founder of EBANX, emphasized that securing this approval underscores the company’s commitment to high regulatory standards and its dedication to expanding its service capabilities. This approval not only validates their operational strategies but also puts EBANX on a promising trajectory to cater to the dynamic needs of merchants across the region.
Expansion in the Asia-Pacific Region
EBANX’s history in the APAC region is marked by strategic initiatives and effective collaborations. Since its founding in 2012 with an operational hub in Singapore, the company has taken calculated steps to solidify its presence. The MPI license, when granted, will replace the current authorization from MAS for EBANX’s cross-border operations, further embedding the company into the regional financial infrastructure. This milestone is a continuation of EBANX’s efforts to align with local regulations and offer tailored payment solutions for APAC merchants. The approval follows strategic moves such as partnerships with YES BANK and the appointment of a Country Director for the newly launched Indian operations.
The company’s emphasis on the APAC market demonstrates its commitment to empowering merchants from emerging markets to expand and thrive. EBANX has become a preferred payments partner for merchants in the region, enabling growth across the e-commerce sector. By facilitating payment solutions across diverse verticals, EBANX has contributed to the success of various industries. APAC merchants benefit from EBANX’s robust infrastructure, which efficiently handles the complexities of cross-border transactions. EBANX’s approach to integrating with local markets has cemented its reputation as a reliable partner for driving business expansion in the fast-evolving digital economy.
Strengthening Operations and Partnerships
The milestones achieved by EBANX in the APAC region are a testament to its strategic expansion and effective partnerships. EBANX’s successful operations have built strong relationships with renowned companies in the region, serving diverse industries including software-as-a-service (SaaS) by Canva, gaming through Gravity Game Vision, and financial services like XTransfer and Alibaba. These collaborations highlight EBANX’s versatility in meeting the payment needs of various sectors, reaffirming its role as a trusted partner in the region’s digital commerce landscape. By continuously enhancing its service offerings, EBANX has positioned itself as a key player in the APAC market.
To further boost its growth in the APAC region, EBANX is making significant organizational changes. The company is relocating Fernanda De Fino, Global Director of Risk and Compliance, to Singapore, where she will also serve as the Executive Director. This strategic move underscores EBANX’s commitment to the APAC region, highlighting plans to expand its team and bolster its capabilities. By reinforcing its local presence, EBANX ensures that it can provide unparalleled support to its clients, meet regulatory requirements efficiently, and foster stronger relationships with regional stakeholders. The company’s proactive approach in addressing market demands demonstrates its dedication to advancing its global reach and establishing a formidable presence in APAC.
Future Implications and Steps Ahead
In a major development for its global payment operations, EBANX, a leading global Payment Service Provider (PSP) focusing on emerging markets, has secured an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval allows EBANX Pte. Ltd. to offer cross-border money transfers and merchant acquisition services in Singapore, significantly boosting its role as a global settlement hub. This milestone is crucial for EBANX, fortifying its relationships with over 500 global enterprise merchants who depend on the company’s expertise in global finance.
EBANX’s ventures in the Asia-Pacific (APAC) region have experienced substantial growth, with 39% of its projected processed volume in 2024 expected from APAC. With strategic offices in Shanghai, China, and Singapore, and the recent launch of payment operations in India, EBANX has been expanding its reach. Del Valle, CEO and Co-founder of EBANX, highlighted that obtaining this approval reinforces the company’s dedication to regulatory excellence and its ambition to broaden its service offerings. This approval not only affirms their operational approaches but also sets EBANX on a strong path to meet the evolving needs of merchants in the region.