Worldline has announced its wholly owned subsidiary, GCS APAC, has been granted its Major Payment Institution licence by the Monetary Authority of Singapore (MAS). The successful approval by the Singaporean financial regulator of GCS APC helps facilitate Worldline’s ambitions to expand its presence in Singapore. It will also enhance its offerings for both local and international merchants operating throughout the region.
The MAS licence allows Worldline the opportunity to bring its payment technology solutions to one of the most rapidly expanding global markets with huge growth potential. It will be able to deliver localised and cross-border money transfer services, alongside supporting merchant acquisition services to increasingly demanding local and international merchants conducting business within this marketplace.
Singapore market continues to expand
E-commerce in Singapore is expanding exponentially, from SGD12.4bn in 2019 to an estimated SGD19.8bn in 2023. This strong momentum is expected to continue, reaching SGD29.4bn by 2027. The rapid rise in contactless card payments underpins this phenomenon with the number of contactless cards increasing from 27.7 million in 2019 to 39.3 million in 2023, and the annual value of card transactions estimated to exceed $107.3bn in 2023.
Beate Krugmann, Head of East & Southeast Asia at Worldline Merchant Services, said: “Businesses and consumers in these diverse markets have shown great enthusiasm in adopting new ways of doing business for many years now. In line with their rapidly changing purchasing habits, they are constantly adopting innovative technologies and setting new trends with global implications.
“At Worldline we appreciate these exciting trends and are very keen to stay on top of innovation and development. As part of our regional expansion strategy, we are committed to playing a pivotal role in our Asian markets that are rapidly gaining importance. I am very proud we have now been granted our new licence from the Monetary Authority of Singapore, which ensures an even stronger foothold in Singapore and throughout our Asian markets.“
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