Alibaba International Station obtains Singapore MPI license: the security of cross-border financial services is recognized by authoritative institutions again

Recently, Alibaba International Station has received the principle approval from the Monetary Authority of Singapore and will obtain the Singapore Major Payment Institution license (MPI). After the license officially takes effect, Alibaba International Station can provide a series of payment services in Singapore, including account opening, local remittances, cross-border remittances, currency exchange, etc. This is another important license that Alibaba International Station has obtained for its global capital layout .

"Singapore occupies an important position in the financial services market in Southeast Asia and even the world. The principle approval obtained from Singapore means that the security and reliability of the digital foreign trade financial services provided by Alibaba International Station have once again been recognized by global authoritative organizations. " said Wang Tiantian, general manager of China Suppliers and Cross-border Supply Chain of Alibaba International Station .

It is reported that Alibaba.com Pay is a financial service brand under Alibaba International Station, providing "safe and convenient" cross-border financial services to small and medium-sized enterprises. It has provided security protection for 5 million foreign exchange receipts worldwide and is recognized by small and medium-sized foreign trade companies.

Hebei Jinlide Hygiene Products Co., Ltd. has been deeply involved in the elderly care industry and has exported to more than 20 countries and regions on Alibaba International Station . " We have successfully realized the rapid collection of different currencies such as US dollars and euros and countries and regions using Alibaba.com Pay . Customers can pay in their own currency in various regions, saving the cost of exchange and the time it takes to reach the account, which benefits both parties . In the first half of 2023 alone, the company has completed transactions of 11 million yuan on the international station . " Wang Lin, general manager of Jinlide, said that for overseas merchants, convenient and secure cross-border capital services are the accelerator behind the transaction.

(Photo: Wang Lin, General Manager of Hebei Jinlide Hygiene Products Co., Ltd.)

Especially in recent years, Southeast Asia has become a hotbed for the development of global digital trade and cross-border e-commerce. Alibaba International Station recently launched its first B2B promotion specifically for the Southeast Asian market, attracting many large local buyers and other major buyers. Southeast Asia has also become a key market for the international station to fully launch country-specific operations. Industry insiders believe that Alibaba International Station's acquisition of the Singapore MPI license will help small and medium-sized foreign trade companies enter the Southeast Asian cross-border express lane more safely and conveniently .

Alibaba International Station

Singapore

MPI license