THE Monetary Authority of Singapore (MAS) has granted Atome - also known as Apaylater Financials - in-principle approval to operate as a major payment institution (MPI).
Once it receives the MPI licence, the "buy now, pay later" (BNPL) platform will be allowed to perform regulated payment services such as account issuance, domestic and cross-border money transfers, as well as merchant acquisition services.
The MPI licence represents a critical milestone for Atome, said the company's chief executive, David Chen, in a press statement on Wednesday (Nov 9).
Atome's investors include SoftBank Vision Fund 2 and Warburg Pincus.
While the consumer credit aspect of Atome's BNPL services is not regulated by the MAS, the platform has shared its commitment to adhering to guidelines recently laid out in an industry-led BNPL code of conduct.
Leanne Lim, regional head of compliance at Atome, said that the in-principle approval "validates the work our team has been putting into building our compliance infrastructure, and we will further strengthen existing frameworks by continuously monitoring for emerging risks and regulations".