GIC-backed Coda Payments gets MAS’ in-principle nod for major payment institution licence

PAYMENTS firm Coda Payments has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution licence.

On Friday (Nov 1), the GIC-backed company said that the in-principle approval marks a “critical milestone” and that it looks forward to receiving a full licence. 

MAS’ website indicated that this licence is one of three that payment-service providers can apply for to provide specified payment services under the Payment Services Act 2019.

Holders of the licence are allowed to conduct multiple transactions without being subjected to certain threshold limits on transaction volume or float. 

Founded in 2011, the Singapore-headquartered payments-solutions provider offers channel, platform and payment solutions to customers.

Its customers include gaming industry giants such as Riot Games and Activision Blizzard and Internet technology company Bigo Technology. 

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Singapore's Coda Payments raises US$690m, plans to use funds for expansion

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In 2022, the company raised US$690 million from Singapore’s sovereign wealth fund from among investors such as venture capital firm Insight Partners and New York-based global private equity Smash Capital.