Cost Choices, a Singapore-based fee options supplier, is happy to announce that it has acquired In-Precept Approval (IPA) from the Financial Authority of Singapore (MAS) for a Main Cost Establishment (MPI) licence beneath the Cost Providers Act 2019.
This milestone underscores Cost Choices’ dedication to supporting Singapore’s small and medium-sized enterprises (SMEs) with easy, safe, and accessible digital fee options.
If granted the licence, Cost Choices will likely be authorised to offer three regulated fee providers: Service provider Acquisition, Home Cash Switch, and Cross-Border Cash Switch.
By means of these providers, the corporate goals to empower SMEs with a full suite of fee capabilities — from on-line fee gateways and QR code funds to the upcoming SoftPOS funds know-how — enabling retailers to just accept digital funds simply and securely.
“We stay deeply dedicated to supporting Singapore’s SMEs as they develop and compete in an more and more digital-first economic system.
Our imaginative and prescient is to place digital funds as a development enabler — not a problem — for small companies. Our purpose is to make digital transactions seamless, safe, and accessible for each enterprise, no matter dimension.”
stated Aaron Yip, Director of Cost Choices.
Constructing on this imaginative and prescient, if the licence is granted, Cost Choices will proceed to work carefully with native retailers, monetary establishments, and know-how companions to reinforce fee accessibility and drive innovation throughout Singapore’s SME ecosystem.
“We reaffirm our dedication to regulatory compliance and innovation, as we contribute to Singapore’s ongoing journey towards a safe, inclusive, and cash-lite economic system.”
The IPA granted by the MAS signifies {that a} licence could also be issued upon the fulfilment of specified situations and supplied there aren’t any materials opposed developments affecting the applicant.
The IPA doesn’t represent a licence to offer fee providers at this stage, and MAS reserves the best to rescind the approval if it deems acceptable.
Featured picture: Edited by Fintech Information Singapore, based mostly on picture by wtmn by way of Freepik
