Fiserv, a Nasdaq-listed payment solutions and financial technology provider, has received a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
The licence, effective January 1 2023, allows the company’s local entity, First Data Merchant Solutions Private Limited, to provide merchant acquisition services as well as domestic and cross-border money transfer services under the Payment Services Act (PS Act) 2019.
Fiserv has been providing solutions to some of the largest banks, fintech firms, and merchants in Singapore and across the Asia-Pacific region for over two decades. It facilitates payment acceptance across physical and digital channels and offers a wide range of payment methods both locally and globally.
The MPI licence enables the company to continue offering merchant acquisition services in Singapore and support new payment flows for its clients, including cross-border fund transfers and real-time account transfers.
Fiserv says its Global Risk and Controls Framework and Global Cybersecurity Services help ensure adherence to the regulations established under the PS Act in Singapore, and those of other regulatory bodies in markets where it operates.
The firm promises to continue enhancing its rigorous compliance programme, which includes anti-money laundering and anti-terrorism financing measures, as well as cybersecurity standards, to protect customer data.