KPay Wins Singapore MPI Licence, Adds Online Payments and F&B POS for SME Merchants
The Monetary Authority of Singapore (MAS) has granted merchant payments company KPay a Major Payment Institution (MPI) licence, turning the in-principle approval it received in July 2026 into a full licence. KPay is using the moment to widen its product range beyond card terminals, adding online payments, digital invoicing and a point-of-sale (POS) system built for restaurants and cafes. The move is a useful signal of where merchant payments in Southeast Asia are heading: one provider, one dashboard, every channel.
What the licence covers
The licence was issued under Singapore’s Payment Services Act 2019 to KPay’s local subsidiary. It allows the company to carry out three regulated activities in Singapore:
- Merchant acquisition, meaning KPay can sign up shops and process card and digital payments on their behalf.
- Domestic money transfer services.
- Cross-border money transfer services.
An MPI licence is the higher tier in Singapore’s payments regime, meant for firms whose volumes go beyond the limits set for smaller “standard” licence holders. KPay started operating in Singapore in 2022 and says it now serves more than 10,000 merchants there, most of them small food and beverage outlets and retailers.
New products: online orders and an F&B POS
Alongside the licence, KPay is rolling out several new services for its Singapore merchants:
- Online Payments for e-commerce checkouts.
- Digital invoicing and remote payment collection, so a business can send a payment request instead of waiting for a customer to walk in.
- KPay POS, an integrated system for the F&B sector that combines payment acceptance with inventory management and real-time sales data.
The idea is that a hawker-style eatery or a small restaurant chain can handle walk-in diners, delivery and pre-orders, and invoices to corporate clients through a single provider and one set of reports. KPay’s Singapore general manager framed it simply: taking an online order should feel as easy as serving a customer at the counter.
Why it matters for Malaysia and the region
KPay has said Singapore is one of its two headquarters and that it will use its Singapore operating standards as the template for expansion across Asia-Pacific. It has not announced plans for Malaysia, but the direction of travel is familiar to Malaysian merchants.
In Malaysia, the same bundling trend is already visible. Payment gateways, banks and newer players are competing to offer SMEs a combined package of card acceptance, DuitNow QR, online checkout and business software, often on a phone or an Android terminal rather than a traditional rented card machine. Merchant acquiring here is also a regulated activity, overseen by Bank Negara Malaysia, so any regional firm looking to enter would need to go through local approval just as KPay did in Singapore.
For regulators, the Singapore case shows a staged path: in-principle approval with conditions first, a full licence only once those conditions are met. That approach lets new acquirers grow while keeping a check on their controls.
What changes for merchants
For small businesses, the practical gains of an all-in-one provider are:
- Fewer separate contracts and fee schedules to manage.
- Combined reporting across in-store and online sales, which makes cash flow easier to track.
- Stock and sales data in the same system as payments, useful for F&B outlets that run on thin margins.
The trade-off is dependence on one vendor. Merchants comparing providers should look closely at settlement times, total fees across channels, contract length and how easily data can be exported if they switch.
What to watch
- Whether KPay names its next Asia-Pacific market now that its Singapore licence is in place.
- How quickly its F&B POS gains traction against established POS vendors in Singapore.
- Whether Malaysian acquirers and gateways respond with deeper POS and invoicing bundles for SMEs.
Related reading: Payment Gateways in Malaysia Compared and PayNet and the Regulators.
Sources: Fintech News Singapore (October 2026); IBS Intelligence (October 2026); Fintech News Hong Kong (July 2026).
