New licence privileges expand Nium’s payment service capabilities to include account issuance, domestic money transfers, merchant acquisition, and E-money issuance
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Nium, a leading global payments platform, today announced that its Singapore entity, Nium Pte Ltd. has been issued licences by the Monetary Authority of Singapore, under the Payments Services Act 2019 (PSA), to conduct account issuance, domestic money transfers, merchant acquisition, and E-money issuance services.
Approved and issued on 1 July, 2021, the new licences extend Nium’s ability to offer these payment services, in addition to is previously licenced activity of cross-border money transfer. Nium continues to expand its licensing portfolio to include more countries across 11 jurisdictions, worldwide. Nium is the only fintech infrastructure provider to be licenced in more than 40 countries and has created an unmatched network to deliver global embedded financial services.
“These new licences are a display of the Monetary Authority of Singapore’s confidence in Nium’s value to the Singapore ecosystem, and the seamless solutions we provide to our customers,” said Prajit Nanu, Nium’s co-founder and CEO. “As a Singapore-headquartered company, it is especially exciting to offer more solutions to our home-market. It’s our mission at Nium to continue expanding our global footprint and providing even more powerful payment capabilities for our customers, both locally and abroad.”
The Payment Services Act is a globally leading and forward-looking framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and Fintech.
About Nium
Nium is a global B2B payments platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium is a leader in its geographical and payment service breadth, owning licenses in the world’s largest and fastest-growing economies. Our modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks.
Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world. For more information, visit: http://www.Nium.com.
Source: Nium (Press release)
