Asia Tech Wire (Feb 26) -- Singapore-based payment technology provider HitPay has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The licence allows HitPay to offer merchant acquisition, domestic and cross-border money transfer services, enabling the company to launch services that further streamline merchant payment processing.

Founded in 2016, HitPay has secured backing from investors such as Tiger Global, Global Founders Capital, HOF Capital and Y Combinator.

In March 2022, the Singapore-based fintech company announced the completion of a $15.75 million Series A funding round.