Payments, insights, all in one place: How merchants can work smarter with fintech platform

FROM day one, fintech firm KPay was founded with a mission to accomplish.

Davis Chan, KPay’s chief executive officer and co-founder, says: “There was a clear, unmet need for a financial services platform that was both comprehensive and truly user-friendly in the market.

“We saw firsthand the friction businesses of all sizes faced when trying to manage payments and financial operations efficiently.”

The company started in Hong Kong in 2021 with an initial focus on e-payment solutions. Its all-in-one payment terminal makes it easier for businesses to accept various types of payments. It has since grown to offer a suite of solutions across financing, accounting and growth.

“By integrating essential value-added services, we help merchants navigate a competitive landscape and thrive,” affirms Chan. It now serves 95,000 merchants globally, with Singapore standing out as a key growth market after posting 66 per cent year-on-year growth in the first half of 2026.

The company’s momentum has been underscored by a few notable achievements, such as its US$55 million (S$71 million) series A fundraise in 2024. It was also named PayTech of the Year at the 2025 Asia FinTech Awards, selected for the Forbes Asia 100 To Watch list in 2025, recognised as one of the World’s Top Fintech Companies in 2026 by CNBC, and highlighted as one of Singapore’s Top Fintech Companies in 2026 by Tech in Asia.

Why KPay expanded into Singapore

When KPay expanded into Singapore in 2022, it marked the company’s first move into a new market. The size of Singapore’s small and medium-sized enterprises (SME) sector made it an attractive choice for KPay.

According to Chan, SMEs form the nation’s economic backbone, contributing 47 per cent of Singapore’s gross domestic product, and they require the right tools to keep pace with a massive consumer shift toward cashless payments, which now account for 97 per cent of the market.

“By entering this space, KPay has already empowered over 10,000 merchants in Singapore, ranging from boutique local cafes to large-scale retail chains,” Chan says.

KPay’s local footprint includes food and beverage (F&B) brands like dessert chain Gelare and Gelato Garden, as well as events such as creative festival Artbox 2026.

Sharifah Faizleen and Sophia Gu, store managers at Gelare and Gelato Garden respectively, laud KPay’s solutions for making transactions faster and reconciliation more efficient by consolidating multiple payment methods into one system.

“With KPay, our checkout process has become faster and more organised,” says Faizleen.

Gu adds: “Settlement and reconciliation have also become much simpler. The end-of-day summary is clear, and we can easily see how the store performed for the entire day. Overall, it has reduced a lot of work and enabled us to focus more on our products and service.”

At Artbox, KPay was able to deliver fast, reliable, and seamless payments that perform even in high-volume, fast-paced environments. With over 54,000 visitors, the firm’s offerings played a key role in the event’s success.

Says Keith Chen, KPay’s Singapore general manager: “Technology builds the foundation, but localised support builds trust. With round-the-clock support in multiple languages, no merchant is left behind in this digital transformation.”

A connected payment ecosystem for businesses

Singapore is more than a growth market for the firm. Its position as a regional business hub creates opportunities to build global partnerships, while its established fintech ecosystem and talent base support the development of innovative payment solutions and integrated software-as-a-service tools that can be tailored for regional markets.

Chan says Singapore is a second headquarters for the firm, describing it as a high-potential market where digital transformation is accelerating.

This has facilitated the development of new solutions and services, including KPay Terminal Pro, an all-in-one payment terminal, and the KPay Merchant, an intelligent centralised business and payment management hub accessible through its portal and app, that converts raw transaction data into strategic, real-time actionable insights.

The Merchant Portal and App presents a clear, consolidated dashboard of vital business metrics such as detailed sales performance, transaction trends and payment method breakdowns, while also providing flexible reporting views and downloadable statements to simplify financial oversight and auditing.

“The payments captured at the point of sale via KPay Terminal Pro flow instantaneously into KPay Merchant Portal, granting merchants instant visibility and control,” explains Chan. “This allows merchants to handle the complete transaction lifecycle, from order entry and item selection to secure payment collection and real-time reconciliation, all within the same compact, handheld terminal.”

All of these add up to an end-to-end, comprehensive solution that seamlessly adapts to any environment, allowing businesses – from bustling F&B venues and retail storefronts to beauty salons, educational institutions and multi-location clinics – to benefit from KPay’s offerings.

Chan affirms that KPay’s relationship with Singapore will continue for many years to come. The company intends to double its merchant base in the city by end 2026, and to do so, it intends to expand its Singapore headcount by 40 per cent, bringing in more people for functions such as partnerships, ecosystem building and product building.

It also has plans to introduce more of its Singapore clients to its products beyond terminal services, aiming to bring 40 per cent of local merchants into the ecosystem.

KPay has also recently received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019. Subject to MAS’s final approval, the licence will enable KPay to offer regulated services including merchant acquisition, domestic and cross-border money transfers.

For merchants, this translates to tangible benefits such as faster onboarding, stronger settlement reporting, and an enhanced merchant portal. Beyond the licence itself, the IPA validates the Group’s strategic decision to anchor its regulatory and operational capabilities in Singapore.*

Looking further afield, KPay intends to build on its success in its existing markets while eyeing new opportunities across the globe.

“From day one, our vision has remained constant: to be the trusted partner and the platform of choice for merchants to thrive effortlessly,” affirms Chan.

Find out more about how KPay can help with your payment needs.

*An In-Principle Approval (IPA) reflects MAS’ view that a licence may be issued to the applicant upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a licence for KPay Merchant Service (Singapore) Pte Ltd to provide payment services at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.