Singapore-based commerce platform for SMEs HitPay has secure in-principle approval for an MPI licence from the Monetary Authority of Singapore. This approval allows HitPay to extend its services to include merchant acquisition, domestic, and cross-border money transfer services.

In the company press release, officials from HitPay explained the significance of the MPI licence, stating that it will expand the company's range of regulated payment services for merchants while maintaining high compliance standards. They also highlighted the approval as a step forward in improving the company's position in Singapore and Southeast Asia. They noted HitPay's commitment to ensuring secure and regulatory-compliant transactions for all merchants on its platform.

Looking ahead, HitPay aims to leverage the MPI license to develop new services, facilitating seamless payment processing for merchants and enabling SMEs to tap into cross-border opportunities. What else has HitPay been up to? In January 2024, HitPay launched Tap to Pay on iOS devices in Australia, Canada, France, the UK, and the US. The launch represented the latest addition to HitPay’s suite of commerce solutions, with the company aiming to facilitate simplified payments for merchants and their customers.

Tap to Pay allows businesses to accept contactless payments leveraging their iOS devices, without being required to have a separate card terminal or POS hardware, therefore eliminating additional costs. In December 2023, HitPay introduced Payout APIs in the regions of Singapore, Malaysia, and the Philippines, for multiple types of disbursements. Following this announcement, businesses gained the ability to pay workers, contractors, suppliers, and partners through the HitPay Marketplace, while platform-based businesses were able to securely manage mass payouts via HitPay Payout APIs.

The supported payment network includes FAST in Singapore, InstaPay and PESONet in the Philippines, as well as RTGS in Malaysia. HitPay also partnered with Philippines-based super app GCash in October 2023 to extend cashless and credit payments for Philippine merchants. Following the partnership, businesses in the Philippines gained the ability to accept payments via three new payment methods, namely GCash, GGives, and GCredit, on HitPay’s payment gateway.

Established in 2016, HitPay provides a no-code, full-stack commerce infrastructure created for small businesses. The company is backed by investors such as Tiger Global, Global Founders Capital, HOF Capital, and Y Combinator. .