KPay Secures In-Principle Approval from the Monetary Authority of Singapore for Major Payment Institution Licence, Strengthening Singapore's Role as Its Regional Launchpad
Milestone builds on KPay's growth to more than 10,000 Singapore SME merchants and establishes a Singapore-developed regulatory and operating blueprint for its continued expansion across Asia Pacific and beyond
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21 JULY 2026, SINGAPORE — KPay Group ("KPay"), one of the fastest-growing fintech companies serving more than 95,000 merchants in APAC, today announced that its Singapore subsidiary, KPay Merchant Service (Singapore) Pte. Ltd, has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019.
The IPA marks an important milestone for KPay's regulatory strategy. Since establishing its Singapore operations in 2022, KPay has grown to serve more than 10,000 local SME merchants while building the governance, risk management, compliance, and technology capabilities needed to support its wider regional platform. Beyond the licence itself, the IPA validates the Group's strategic decision to build its regulatory and operational capabilities from Singapore — providing a disciplined foundation for expansion into other highly regulated markets. These developments mark KPay's evolution from a fast-growing payments business into a regionally regulated financial technology group.
Subject to the fulfilment of MAS's specified conditions and final approval, the MPI licence will enable KPay to offer a broader range of regulated payment services in Singapore, including merchant acquisition, domestic and cross-border money transfers — strengthening the governance standards and operational rigour that the Group carries into every market it serves.
Better Onboarding, Stronger Reporting, Smarter Tools — Starting Now
The milestone enables KPay to serve Singapore merchants with greater efficiency and depth. Businesses can expect a faster onboarding process, stronger settlement and funding reporting, and a significantly enhanced merchant portal — designed to help merchants focus on what matters most: growing their business.
Built Local, Staying Local
KPay serves more than 10,000 SME merchants in Singapore, particularly in the F&B and retail sectors. Its holistic commerce ecosystem combines in-store payment, Point of Sale systems, and merchant intelligence tools, including a unified AI-powered dashboard, real-time transaction analytics, and single-source business data. Complementing these is live human support, including 24/7 response, dedicated account managers, and on-site technical support and deployment.
KPay's Singapore team remains focused on building practical, merchant-friendly solutions around the needs of local businesses. KPay is invested in Singapore's digital economy and committed to investing in its local team, nurturing local talent, and growing its service capabilities.
The Blueprint for Every Market That Comes Next
Singapore, one of KPay's dual headquarters, sets the standard for compliance discipline, merchant service quality, and product capability across the Group. The MAS licensing framework has strengthened KPay's governance, risk management, and operational capabilities — establishing Singapore as the natural springboard for its Asia Pacific expansion. In each jurisdiction, these standards are adapted to local legal requirements, regulatory expectations, and market conditions.
Davis Chan, Chief Executive Officer, KPay Group, said: "The In-Principle Approval for Major Payment Institution licence from the MAS holds significant meaning for KPay's operations. Beyond regional recognition, it demonstrates the maturity of our group-wide compliance and operational standards, and reinforces our ability to deliver consistent, advanced payment and merchant solutions across markets."
"At KPay, we believe trust cannot be exported — it has to be earned, market by market — so we grow local and stay local in every market. This means building strong local teams, understanding the needs of local merchants and investing in local service and support capabilities."
"Singapore is, for us, more than a market. It is the model. The standards we have built here, and the speed at which we serve merchants, define what KPay aspires to deliver in every market we enter. As we continue to expand across Asia Pacific and beyond, Singapore will remain the playbook that guides our regional direction."
Keith Chen, General Manager of Singapore, KPay Group, said: "We are pleased to have received In-Principle Approval from the MAS. This milestone enables our local team in Singapore to provide even stronger support to local merchants. We are grateful for the community's continued trust and remain committed to delivering smart, merchant-friendly technology.”
“KPay looks forward to operating as a licensed Major Payment Institution upon satisfying the remaining conditions. The group deeply values the forward-looking regulatory environment MAS has fostered — one that encourages responsible innovation while upholding strong standards of consumer protection and financial integrity.”
“We remain fully committed to the highest standards of compliance and governance, in close alignment with MAS's expectations and Singapore's digital economy ambitions — ensuring that the standards Singapore demands are the standards KPay brings to the wider region.”
(Note)
An In-Principle Approval (IPA) reflects MAS’ view that a licence may be issued to the applicant upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a licence for KPay Merchant Service (Singapore) Pte Ltd to provide payment services at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.
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About KPay
KPay Group (“KPay”) is one of the fastest-growing fintech companies in APAC, committed to empowering businesses of all sizes through simple, seamless, smart and secure technology solutions. Serving more than 95,000 merchants across Australia, Hong Kong, Japan, and Singapore, KPay helps unlock growth potential by building a one-stop platform for financial management, business operations, and digital transformation.
In 2024, KPay raised a record-breaking USD 55 million in its Series A funding round—the largest globally in the payments sector that year. The company has since been recognised as PayTech of the Year at the Asia FinTech Awards, selected for the Forbes Asia 100 to Watch list in 2025 and ranked among Singapore's Top FinTech Companies 2026 list curated by Tech in Asia and Statista.