MatchMove Partners With OpenPayd In Application For Singapore Digital Banking Licence

Posted on 1st July 2021

Being part of this world-class consortium and supporting MatchMove’s application is strategically important to our plans for international expansion and represents OpenPayd’s first step into Asia.

MatchMove-news-image News

Last week, we announced that we had entered into a strategic partnership with MatchMove in a bid to obtain a digital full bank licence in Singapore. As well as MatchMove, we also joined forces with Singapura Finance Ltd. and Lightnet Pte Ltd. to create a world-class consortium which could launch and submit an application for a licence to the Monetary Authority of Singapore.

Each member of the consortium brings with it a deep experience of financial markets in their respective jurisdictions, with regional and global connectivity to bolster MatchMove’s digital banking proposition.

A MatchMove Into The Asian Fintech Market


For us, the application represents the first step towards expanding into the ever-growing Asian fintech market. We have been working hard to add to our network of licences, which includes two UK FCA e-money licenses and others across Malta, Turkey and the US; each licence enables us to better support businesses looking to deploy digital banking and payments capabilities around the world.

Since June 2019, the Monetary Authority of Singapore has been accepting applications for the issuing of two digital full bank licences and three digital wholesale licences. The licences allow successful applicants, including non-bank providers, to offer digital banking services in Singapore.

A Highly Competitive Market

As you would expect, there have been many applicants – the Monetary Authority of Singapore has received a total of 21 applications as of the 31 December 2019 deadline.

“The fintech and digital banking market in Singapore is highly competitive – and for good reasons. It has been the hub of fintech innovation in Asia, a market that represents
the next wave of opportunity in the banking industry,” explains Iana Dimitrova, CEO at OpenPayd. “Being part of this world-class consortium and supporting MatchMove’s application is strategically important to our plans for international expansion and represents OpenPayd’s first step into Asia.”

To find out more about how OpenPayd can help businesses access banking and payment solutions that work for them, use our contact form.

MORE LIKE THIS

OpenPayd appoints 10x Banking’s Richard Given as Group General Counsel

OpenPayd  has announced the appointment of Richard Given as Group General Counsel, to oversee the group’s legal and regulatory work.

READ MORE

A Payments Nirvana is an absolute endgame for payments

Fast and instant transactions are already widespread. But in this Q&A with Payments Expert, Barry O’Sullivan explains how they’re just getting started.

READ MORE

Fintech Rewired Season 1 is live!

Watch all episodes of the new embedded finance web series, brought to you by OpenPayd.

READ MORE