Obtains MPI License in Singapore: Skyee's Latest Achievement
Skyee Obtains Major Payment Institution License in Singapore, Expanding its Regional Presence
In a significant move, Skyee Group, a fintech company founded in 2016, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) on August 1, 2025. This license marks a new chapter in Skyee's expansion across Southeast Asia and introduces fresh competition in Singapore's payment services sector.
The MPI license allows Skyee to provide a full suite of regulated payment services in Singapore, including account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance. This move is expected to streamline payment processing, reduce operational costs, and further enhance the payment experience for cross-border customers.
Kozen Tan, CEO of Skyee Singapore, expressed excitement about scaling operations and strengthening Singapore's position as a leading global fintech hub. He also reiterated Skyee's commitment to regulatory excellence, financial integrity, and the delivery of secure, innovative payment solutions.
The MPI license serves as a testament to Skyee Group's mission of "linking the global financial network, building a new payment system, and providing all-around convenience for cross-border fund transfers."
Other notable MPI license holders in Singapore's payment ecosystem are 2C2P, Airwallex, Circle Internet Financial, Ripple, and TransferMate. These companies cater to a mix of online, mobile, and in-store payments, digital assets, and embedded financial services.
The Monetary Authority of Singapore has been stringent in enforcing Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations on MPIs, reflecting the sector’s critical role in cross-border money transfer services and Singapore’s commitment to maintaining a secure and compliant payment services environment.
With the MPI license, Skyee is poised to make a lasting impact on the future of fintech in the region. The company's continued product optimization and regional expansion indicate a strong position in the payment services sector, contributing to further innovation and competition.
References:
- https://www.mas.gov.sg/-/media/MAS/Newsroom/Press-releases/2023/08-2023/2C2P-Airwallex-Circle-Internet-Financial-Ripple-and-TransferMate-granted-in-principle-approval-to-provide-payment-services-in-Singapore.pdf
- https://www.mas.gov.sg/-/media/MAS/Newsroom/Press-releases/2024/02-2024/Ripple-granted-digital-payment-token-license-by-MAS-to-offer-regulated-crypto-based-payment-solutions-and-cross-border-crypto-payments-for-institutional-clients.pdf
- https://www.mas.gov.sg/-/media/MAS/Newsroom/Press-releases/2025/08-2025/Skyee-Pte-Ltd-granted-major-payment-institution-license-by-MAS.pdf
- https://www.mas.gov.sg/-/media/MAS/Newsroom/Press-releases/2026/03-2026/TransferMate-receives-in-principle-approval-to-expand-its-MPI-services-to-include-account-issuance-and-domestic-money-transfers.pdf
- https://www.mas.gov.sg/-/media/MAS/Newsroom/Press-releases/2024/04-2024/MAS-imposes-penalties-on-several-MPIs-for-breaches-of-AML-CFT-regulations.pdf
Skyee's acquisition of the Major Payment Institution license in Singapore, following rigorous MAS regulations, opens doors for technology integration in finance services, potentially increasing competition and fostering innovative payment solutions. As Skyee delves into providing a comprehensive array of payment services, the boundary between technology and finance in Singapore's payment ecosystem is poised to blur even further.
