Volopay, a financial technology (fintech) start-up, has announced that it has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This marks a significant achievement for the firm’s push to expand its presence in Singapore and strengthens its position in the Asia-Pacific (APAC) region.
Payment services under the Payment Services Act
The approval means that Volopay’s payment services can now be regulated under the Payment Services Act in Singapore. This is a significant milestone as it ensures that companies operating payment services comply with certain standards and regulations designed to protect consumers.
Volopay’s Stronger Foothold in Singapore
Volopay stated that this approval will enable it to strengthen its foothold and services in Singapore. The company has been rapidly expanding in the region with a focus on providing financial management services specifically designed for small and medium-sized enterprises (SMEs).
Maximizing Existing Services for Companies in APAC Regions
The MPI license will also maximize Volopay’s existing services for Singapore-based companies that have a regional presence across APAC. This is a critical development in Volopay’s growth strategy, which aims to meet the specific needs of SMEs throughout the region.
Volopay’s services for SMEs
Volopay is a partner of Visa and currently offers a range of financial management services to SMEs, including expense management, invoice handling, accounting integrations, department-specific finance management, reimbursements, and corporate cards. The company aims to provide SMEs with a streamlined approach to financial management, reducing the time and resources required to manage expenses and payments.
Expanding footprint in new markets
In addition to its focus on Singapore and the wider APAC region, Volopay has also been actively expanding into new markets. Last year, the company broke into India and Indonesia, which are two key markets for fintech growth.
Rohit Bhageria, founding member of Volopay
Rohit Bhageria, a founding member of Volopay, stated that the license will allow the company to significantly boost its net profit margins. Bhageria also emphasized that Volopay’s goal is to make Singapore a profitable business unit entirely by the end of 2023 or mid-2024.
In conclusion, Volopay’s successful application for an MPI license from MAS is a major achievement for the company. The license will enable the company to strengthen its services and foothold in Singapore, maximize its potential across the APAC region, and expand its offerings to SMEs. With ambitious plans to scale up and achieve profitability in the coming years, Volopay is a fintech company to watch in the years ahead.
