Singapore: Pyvio Wins MAS Major Payment Licence to Run Cross-Border Payments for Asia
Pyvio, a cross-border payments firm that helps Chinese online sellers get paid in overseas markets, now holds a full Major Payment Institution licence from the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator. The licence took effect on 1 November 2026 and lets the company run five types of payment business from Singapore, which it plans to use as its base for Asia-Pacific.
Key facts
- MAS granted the Major Payment Institution (MPI) licence to Pyvio Network Technology Pte. Ltd., the group’s Singapore entity, effective 1 November 2026.
- The licence covers five services: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance.
- Pyvio first received in-principle approval for the licence from MAS on 27 March 2026, about seven months before the full licence took effect.
- Since a 2024 tie-up with Currencycloud, Pyvio has offered Chinese e-commerce merchants collections and payouts in more than 30 currencies and over 180 countries.
- Chief executive Li Kai called the licence a key step in the company’s regional growth plan, with Singapore acting as a bridge between Asia-Pacific and international markets.
What the licence allows
Singapore regulates payment firms under its Payment Services Act. Smaller players can operate as a “standard payment institution”, but they must stay under volume caps, such as S$3 million a month in transactions for a single service and S$5 million in e-money held on any day. A Major Payment Institution has no such caps, but faces tougher rules on capital, safeguarding of customer money and anti-money-laundering controls.
Pyvio’s five approved activities give it most of the building blocks of a full-service payments company. Account issuance means it can open payment accounts for customers. Merchant acquisition means it can sign up businesses and process the payments they receive. E-money issuance lets it hold stored value for clients, much like a business wallet. Combined with domestic and cross-border transfers, this lets a seller receive money from buyers abroad, hold it, convert it and pay suppliers, all with one licensed provider.
Moving from in-principle approval to a full licence matters. MAS states that an in-principle approval is not a licence to provide payment services and can be withdrawn. Only the full licence allows Pyvio to start serving customers under its own Singapore permission.
Why it matters
Singapore has become the main licensing hub for cross-border payment firms in Southeast Asia. A long list of global and regional companies hold MPI licences there, and many use them as the anchor for regional expansion. For firms whose core customers are Chinese exporters, a Singapore licence is also a way to show banks and partners in other markets that they are supervised by a respected regulator.
Pyvio’s focus fits a clear trend. Chinese e-commerce sellers are pushing harder into Southeast Asia and other emerging markets, and they need to collect payments in many local currencies and bring the money home quickly and cheaply. Pyvio says rising cross-border trade is driving demand for local, compliant payment infrastructure, and that it will keep building out its Singapore operations.
The move also adds to competition in the region’s business-to-business payments space, where licensed players such as Airwallex, Tazapay and many bank-backed platforms already compete for the same exporters and online merchants. More licensed providers can mean better pricing for sellers, but also a tougher fight for market share.
Pyvio has not shared a launch timetable, customer targets, transaction volumes or investment figures for its Singapore business.
What to watch
- When Pyvio launches its Singapore-licensed products, and which markets in Southeast Asia it serves first.
- Whether it uses the e-money and merchant acquiring permissions to offer wallets or card and QR acceptance to merchants, not just cross-border transfers.
- Further licence applications in other Asia-Pacific markets as it builds out its regional network.
Related on FinDeskAsia: ASEAN’s cross-border QR payments record and how payment gateways work.
Sources: Fintech News Singapore (November 2026); TechNode Global (November 2026); Pyvio (March 2026); Currencycloud (June 2024).
