KUALA LUMPUR, Jan 31 (Bernama) -- Fiserv Inc operating entity that provides payment solutions for merchants in Singapore, First Data Merchant Solutions Private Limited, has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS), effective Jan 1.
In a statement, Fiserv said the licence allows the company to provide merchant acquisition services and domestic and cross-border money transfer services under the Payment Services Act (PS Act) 2019.
“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.
“We will continue 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 its General Manager of ASEAN, Suhaib Khanyari.
The MPI licence permits the continued offering of merchant acquiring services in Singapore and will allow Fiserv to support new payment flows for its clients including cross-border funds transfer services and real-time account transfers.
Fiserv has a well-established Global Risk and Controls Framework and Global Cybersecurity Services to help ensure adherence to the regulations established under the PS Act in Singapore, as well as the regulatory bodies in markets worldwide in which the company operates.
As part of the MPI licence obligations and its own internal standards, Fiserv will continue to enhance its rigorous compliance programme, which includes anti-money laundering and anti-terrorism financing measures, as well as industry leading cybersecurity standards to protect customer data.
Fiserv, a global provider of payments and financial services technology solutions that has its regional headquarters in Singapore, has been providing solutions to some of the largest banks, financial technologies and merchants in Singapore and across the Asia Pacific region for over two decades.
-- BERNAMA
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