ShopBack gains payment institution licence in Singapore

ShopBack, a platform specialising in shopping rewards and payments, has secured a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).

This licence enables ShopBack to offer payment services through its product, ShopBack Pay, within Singapore’s regulatory framework.

It allows ShopBack to directly facilitate payment transactions, enabling merchants to accept payments and customers to pay using ShopBack Pay.

ShopBack acting CFO and chief of staff Huanmin Huang said: “Receiving this Major Payment Institution licence marks a foundational milestone for ShopBack. It reflects MAS’s trust in our ability to operate responsibly and gives us the infrastructure to scale ShopBack Pay in a way that’s smarter, faster, and more secure — while continuing to deliver value to both users and merchants.”

For the time being, the consumer interface for making in-store payments via ShopBack Pay will remain unchanged, with the licence allows ShopBack to potentially introduce new functionalities to its platform.

From a commercial standpoint, the MPI licence signifies ShopBack’s readiness to expand its involvement in Singapore’s payment ecosystem.

It allows the company to establish more direct partnerships with merchants, streamline payment settlement processes, and further develop its technological infrastructure to support upcoming payment solutions.

The company’s product suite includes cashback, payments and vouchers, offering app available on both playstore and iOS.

“ShopBack gains payment institution licence in Singapore ” was originally created and published by Electronic Payments International, a GlobalData owned brand.

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