- Fiserv said that its e-commerce arm, First Data Merchant Solutions Private Limited, had been told that it would now hold a Major Payment Institution license in Singapore.
- Fiserv can legally act as a provider of merchant acquirer services both within Singapore and in international corridors involving Singapore.
- “Fiserv has a history of payments innovation in Singapore, and we are well-positioned and committed to expand our merchant acquiring business in the country and beyond, continuing to support the merchant community with robust and secure global payments technology enabling locally relevant payment acceptance solutions that meet the demands of today’s consumer,” said a senior figure at Fiserv.
Fiserv a major payment solutions provider for sellers in Singapore, has confirmed that a regulator has given it the green light to improve its support of payment flows.
Fiserv said that its e-commerce arm, First Data Merchant Solutions Private Limited, had been told that it could have a Major Payment Institution license. This reached the organisation by the Monetary Authority of Singapore and was effective from the start of this month (January 2023).
The new move means that Fiserv can legally act as a provider of merchant acquirer services both within Singapore and also on a cross-border basis.
It improves the company’s options regarding international money transfers and will allow it to provide more services, such as international fund transfers and instant account money movement.
Suhaib Khanyari, the General Manager at the Association of Southeast Asian Nations, said that looking after the “merchant community” was a key priority for it as it moves forward.
“Fiserv has a history of payments innovation in Singapore, and we are well-positioned and committed to expand our merchant acquiring business in the country and beyond, continuing to support the merchant community with robust and secure global payments technology enabling locally relevant payment acceptance solutions that meet the demands of today’s consumer,” he explained.
The company will also continue to offer its services in terms of compliance.
“Fiserv, as part of the MPI license obligations and its own internal standards, will continue to enhance its rigorous compliance program, which includes anti-money laundering and anti-terrorism financing measures, as well as industry-leading cybersecurity standards to protect customer data,” it explained.
It is thought that it will use its existing risk framework and controls framework to put this into practice. It will do this in the context of the Singapore Payment Services Act 2019, which relates to its new license to offer these services.
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