SHANGHAI, May 13, 2024 /PRNewswire/ -- Canadian fintech company Nuvei Corporation (NASDAQ: NVEI) (Toronto stock code: NVEI) announced that its Singaporean entity, Nuvei Singapore Pte Ltd, has obtained a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore.

The new license allows Nuvei to operate three types of payment services in Singapore, including domestic transfers, cross-border transfers, and merchant receipt services. Businesses in Singapore can now benefit from the cutting-edge, agile technology Nuvei has developed to accelerate its growth, as well as Nuvei's global reach and expertise in local markets in the Asia Pacific (APAC) region.

Nuvei's payment platform allows businesses to integrate their payment solutions, maximize payment acceptance, reduce risk, and enhance the consumer payment experience, thereby optimizing operating costs and increasing conversion rates.

“Obtaining the MPI license is another important milestone in our continued acceleration in the Asia Pacific region.” Philip Fayer, Chairman and CEO of Nuvei, said, “This license will enable us to provide more payment solutions, including international transfers through direct bank card disbursements, thereby enhancing the services we provide to our Singaporean customers. It also reaffirms our strong commitment to optimizing the payment experience for businesses and consumers in this critical region.”

The MPI license complements Nuvei's expansion in the Asia-Pacific region, including the launch of a direct bank card receipt function in Australia, and continued growth in China.

Prior to this announcement, Nuvei recently launched a near-instantaneous spending feature for Singaporean businesses through its partnership with Mastercard Send. Through a strategic partnership with Mastercard, Nuvei now enables businesses to make fast cross-border payments to more than 1.5 billion Mastercard debit, credit and prepaid cards around the world.

Nuvei will continue to invest and operate across the Asia Pacific region to support businesses looking to expand in local and cross-border markets. The company's modular payment platform enables customers to securely connect with customers in more than 200 global markets through a single integration to accept 680 alternative payment methods and provide billing services in more than 50 markets.

regarding Nuvei

Nuvei (NASDAQ: NVEI) (Toronto stock code: NVEI) is a Canadian fintech company dedicated to accelerating business development for customers around the world. Through modular, flexible, and expandable technology, Nuvei enables industry-leading companies to accept the next generation of payments, provide all payment options, and benefit from card issuing, banking, risk, and fraud management services. Nuvei connects businesses and customers in more than 200 markets, enables local billing in more than 50 markets in 150 currencies and 680 payment methods, providing customers and partners with the technology and insight to succeed locally and globally through a single integration.

For more information, visit the Nuvei website.

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