ShopBack, a leading loyalty and rewards platform headquartered in Singapore, has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). The regulatory milestone enables the company to significantly enhance its payment capabilities and expand its merchant network, both locally and across regional markets.
The MPI licence allows ShopBack to operate a broader range of payment services without being subject to transaction volume limits. These services include account issuance, domestic money transfers and merchant acquisition. The formal oversight also reinforces trust in the platform’s ability to deliver secure and compliant financial solutions.
ShopBack has facilitated over 500,000 transactions daily, capitalising on rising demand from cost-conscious consumers seeking cashback rewards for online and in-store purchases. Since launching ShopBack Pay in 2022, the company has extended its capabilities to support seamless payments at both digital and physical merchants.
With its MPI status, ShopBack will enable merchants to accept direct payments from users, thereby streamlining settlement processes and strengthening merchant relationships. The company also aims to leverage the licence to accelerate the integration of emerging payment technologies.
“This major payment institution licence marks a foundational milestone for ShopBack,” said Huang Huanmin, Acting Chief Financial Officer and Chief of Staff. “It reflects MAS’ 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.”
ShopBack joins other MPI-licensed operators such as GrabPay, ShopeePay and the Singapore branch of OKX, a global crypto exchange. The company, co-founded in 2014 by Henry Chan and Joel Leong during their time at the National University of Singapore, continues to evolve its payments ecosystem as it grows across Asia Pacific.
-The Strait Times
