Banking Circle’s BC Payments Gets In-Principle Nod for Payment License

BC Payments, a Singapore-based subsidiary of Luxembourg-licensed bank Banking Circle, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

The company said the approval marks a step forward in its plans to expand cross-border payment services in the region to payment companies, banks and global marketplaces.

If granted, the MPI license would allow BC Payments to offer a wider range of regulated payment services, and act as a regional hub within Banking Circle’s global payments network.