ShopBack Gets MPI Licence from Monetary Authority of Singapore

ShopBack, Asia-Pacific’s leading shopping, rewards, and payments platform, on Tuesday announced that it has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act for the provision of account issuance, domestic money transfer and merchant acquisition services.

This approval further accelerates ShopBack’s evolution into a fully integrated shopping and payments ecosystem, ShopBack said.

With this licence, ShopBack is authorised to provide specific regulated payment services in Singapore. This means ShopBack can directly enable merchants to accept payments, and let customers pay using ShopBack Pay in Singapore.

Huanmin Huang, Acting CFO and Chief of Staff, ShopBack, said that receiving MPI licence marks a foundational milestone for ShopBack 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.

This positions ShopBack not just as a leader, but as a category-defining platform — blending rewards, payments, and commerce into a single experience. With formal regulatory approval now in place, ShopBack continues to set the standard for how value can be delivered to both shoppers and merchants in a trusted, scalable way.

For consumers, the core ShopBack Pay experience, such as making in-store payments, remains familiar, but users can look forward to a more seamless and secure journey. The licence also paves the way for ShopBack to introduce new features over time.

From a business perspective, the MPI licence signals ShopBack’s readiness to deepen its role in Singapore’s payment ecosystem. ShopBack is now better positioned to work directly with more merchant partners, streamline settlement processes, and enhance its technology stack to support future payment innovations.

Key Step

This approval marks a key step in ShopBack’s journey to deepen its payments capabilities in Singapore. With ShopBack Pay now operating under formal regulatory oversight, the company is well-positioned to scale its payment offering and strengthen merchant partnerships.

The Singapore-headquartered ShopBack was co-founded in 2014 by Henry Chan and Joel Leong, quit their jobs and invested $11,738 each in the company, giving them equal share in the business. ShopBack now serves more than 50 million consumers in 13 markets across the world.

It hosts more than 20,000 online and in-store merchants, including fashion, food and travel brands, that account for over $4 billion in annual sales. In May, ShopBack expanded into the US, partnering with companies including e-commerce giant Amazon, supermarket chain Walmart, and online travel aggregator Expedia.