By purchasing Mauritius FSC’s licence, STICPAY can operate from Mauritius as an online payment service provider (PSP), being able to accept electronic payments by credit cards, bank-based payments and real-time transfers based on e-banking.
In addition, STICPAY’s decision to acquire Labuan’s FSA licence gives the e-wallet services provider access to developing markets across Southeast Asia.
A growing number of Asian countries, especially those part of the Association of Southeast Asian Nations (ASEAN), are working on linking their domestic payment apps to allow interoperability and give access to instant cross-border transactions in multiple currencies.
According to GlobalData, developing interoperable instant payment networks will further encourage people to switch to mobile payment solutions.
Sean Park, CEO at STICPAY, said: “Southeast Asia is estimated to be the 4th largest economy by 2050. Thanks to our LFSA licence, we are now able to expand our core business and tap into this emerging market – and we will do so with the greatest level of regulatory standards and integrity
“The acquisition of our Mauritius licence is another milestone in the growth of our business, and we are delighted that our three licences mean we can now operate with a truly global reach”, Park added.
Founded in 2018, STICPAY provides local and international payment methods to more than 1m users and 5,000 corporate clients in over 160 countries.
In 2020, the company launched a new prepaid card, allowing users to spend or withdraw funds through its e-wallet solution.