SHOPLINE Receives Singapore's In-Principle Approval for Major Payment License

SHOPLINE, a global retail solutions provider, has announced that its subsidiary, Instage Technology Pte Ltd, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS). This approval is a significant step towards obtaining a Major Payment Institution (MPI) license, which will allow SHOPLINE to provide a broader range of regulated payment services in Singapore.

If the final approval is granted, SHOPLINE will be able to offer five key regulated payment services: account issuance, local and cross-border remittances, merchant acquisition, and electronic money issuance. These services will enhance SHOPLINE's ability to provide competitive pricing, faster settlement speeds, and improved transaction security and user experience for its merchants. Additionally, the support for multiple currencies will enable merchants to achieve genuine global business coverage.

The in-principle approval from MAS signifies a critical milestone for SHOPLINE in terms of regulatory compliance. The company has established robust governance, compliance, and operational infrastructure, supported by strong systems and control measures. This framework ensures that SHOPLINE can deliver secure, reliable, and efficient payment services. Beyond being a SaaS platform, SHOPLINE aims to build a comprehensive ecosystem that integrates e-commerce and payment services, facilitating seamless global business expansion for merchants.

SHOPLINE was strategically invested in by JOYY in 2019. The company aims to combine emerging digital technologies with the e-commerce industry to provide a one-stop solution for global brand sellers. The MPI license will not only enhance SHOPLINE's capabilities within Singapore but also position it to expand its payment services to other regions, leveraging its presence in Singapore to offer cross-border payment services. This development underscores SHOPLINE's commitment to regulatory compliance and its dedication to providing high-quality payment services, paving the way for it to become a major player in the global payment services industry.