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
