Atome receives In-Principle Approval (IPA) from MAS to operate as Major Payment Institution in Singapore
SINGAPORE, 9 November 2022 – Apaylater Financials Pte Ltd (commonly known as Atome) has received the in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI) under the Payment Services Act 2019 (PS Act).
Once granted, the MPI licence will allow the company to perform regulated payment services, such as account issuance, domestic and cross-border money transfers, as well as merchant acquisition services.
David Chen, CEO of Atome, said, “Receiving the IPA is a critical milestone for our business in Singapore, as it recognises our steadfast and rigorous commitment towards setting best-in-class compliance standards. Today’s announcement also underlines our commitment to building a long-term, healthy and sustainable business in Singapore and ensuring the best experience for our merchants, institution partners as well as end consumers.”
Leanne Lim, Regional Head of Compliance, Atome said, “The licensing and due diligence process was comprehensive and robust, and it is an immense privilege to be granted an IPA. This validates the work our team has been putting into building our compliance infrastructure and we will further strengthen existing frameworks by continuously monitoring for emerging risks and regulations. In the coming months, we look forward to working closely with the MAS, our merchant partners and our consumers to achieve desirable outcomes for the payment ecosystem.”
The in-principle approval (IPA) comes on the back of Atome receiving two awards at the recent Singapore FinTech Festival Global Fintech Awards 2022 – namely Fintech Employer of the Year and ASEAN Fintech Leader.
Disclaimer: Please note that the aspect of BNPL services with regards to consumer credit is not regulated by the MAS. Atome commits to adhering to the guidelines and best practices mapped out in the recently launched industry-led BNPL Code of Conduct.
Atome is a leading buy now pay later platform in Asia, partnering online and offline retailers to increase conversions and grow average orders and customer segments. It currently partners over 15,000 online and offline retailers in 8 markets (Singapore, Indonesia, Malaysia, Hong Kong, Vietnam, Philippines, Thailand, and mainland China). Key merchant partners include Sephora, Agoda, ZALORA, SHEIN, Zara, Marks & Spencer, Charles & Keith, Aldo and Pandora. For consumers, Atome offers choice, convenience and flexibility in how they choose to shop and pay. Atome is part of Advance Intelligence Group, one of the largest independent technology startups based in Singapore. Founded in 2016, the Group has presence across South and Southeast Asia, Latin America and Greater China. The Group is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital, Pavilion Capital, GSR Ventures and EDBI.