Fiserv Looks to Support New Payment Flows with Major Payment Institution License from Monetary Authority of Singapore

Rhea-AI Summary

Fiserv, operating in Singapore, has received a Major Payment Institution license from the Monetary Authority of Singapore, effective January 1, 2023. This license enables Fiserv to offer merchant acquisition and domestic and cross-border money transfer services under the Payment Services Act. With this license, Fiserv can enhance its existing payment solutions for small and large businesses, supporting integrated payment acceptance across digital and physical channels. The company emphasizes its commitment to compliance and cybersecurity, ensuring customer protection under the PS Act.

Positive

• Acquisition of Major Payment Institution license enhances service offerings in Singapore.
• Ability to offer cross-border and real-time funds transfer services.
• Established position in the Asia Pacific region with over two decades of experience.

Negative

• None.

Company’s local operating entity granted license to provide merchant acquisition and domestic and cross-border money transfer services under the Payment Services Act

SINGAPORE--(BUSINESS WIRE)-- A Fiserv, Inc. (NASDAQ: FISV) operating entity that provides payment solutions for merchants in Singapore, First Data Merchant Solutions Private Limited, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), effective January 1, 2023.

The license 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, a leading 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, fintechs, and merchants in Singapore and across the Asia Pacific region for over two decades.

Fiserv provides end-to-end payment acceptance solutions for small businesses in Singapore as well as solutions for large enterprise clients, facilitating integrated payment acceptance across physical and digital channels and offering a wide range of payment methods locally and at global scale.

The MPI license 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 around the world in which the company operates.

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.

“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 Suhaib Khanyari, General Manager of ASEAN at Fiserv.

In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

Additional Resources:

Fiserv in Asia Pacific - fiserv.com/en-ap

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and the FORTUNE 500®, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.

FISV-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20230130005760/en/

Media Relations:

Joanne England

Head of Marketing and Communications, APAC

Fiserv

joanne.england@fiserv.com

Additional Contact:

Maxine Tan

Account Executive

Ruder Finn Singapore for Fiserv

+ (65) 8182 0955

tanm@RuderFinnAsia.com

Source: Fiserv, Inc.

FAQ

What is the significance of FISV receiving the Major Payment Institution license?

The acquisition of the Major Payment Institution license allows FISV to provide broader payment services, including merchant acquisition and cross-border money transfers in Singapore.

When did FISV's Major Payment Institution license come into effect?

The Major Payment Institution license for FISV became effective on January 1, 2023.

How does FISV plan to utilize the new license in Singapore?

FISV plans to enhance its payment solutions by offering integrated payment acceptance and supporting new payment flows, including real-time account transfers.

What kind of services can FISV provide under the Payment Services Act?

Under the Payment Services Act, FISV can provide merchant acquisition services and domestic and cross-border money transfer services.

What measures is FISV taking to ensure compliance with regulations?

Fiserv is enhancing its compliance program, focusing on anti-money laundering and cybersecurity standards to protect customer data.