GIC-backed Coda Payments secures MAS major payment institution licence

[SINGAPORE] GIC-backed payments firm Coda Payments has received approval from the Monetary Authority of Singapore (MAS) for its major payment institution licence, it announced on Friday (May 29).

The full authorisation follows an earlier in-principle approval granted by the regulator in late 2024.

Under Singapore’s Payment Services Act, the full licence allows Coda’s Singapore entity, Coda Payments, to continue providing key services – including merchant acquisition, domestic money transfers and cross-border money transfers.

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

“Securing a major payment institution licence in Singapore has been a longstanding ambition for Coda and an important step in our evolution as a global payments business,” said Shane Happach, CEO of Coda.

“Singapore will continue to play a central role in our growth, governance and long-term strategy,” he added.

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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, Activision and Electronic Arts.