Real-time payment linkages and expanded MPI licenses drive growth in cross-border money transfers and settlements.

Singapore's cross-border payment volume surpassed $92 billion in 2025, supported by MAS-regulated Major Payment Institutions that offer real-time, multi-currency services amid growing trade and remittance flows. This figure reflects a deepening integration of Singapore's payment infrastructure with key Asian economies and the broadening scope of services offered by licensed payment providers.

Record Cross-Border Payment Volumes in Singapore

Cross-border payment volumes in Singapore exceeded $92 billion in 2025, with digital payment volumes reaching that threshold and businesses moving money across Asia, the US, and Europe daily. Cross-border settlements alone average approximately $47 billion per day, underscoring Singapore's role as a global trade hub that drives demand for multi-currency cross-border payment services.

The scale of these flows reflects Singapore's position as a central node in global supply chains. Businesses collect revenue in one market, pay suppliers in another, and manage cash across multiple jurisdictions. As Singapore companies expand internationally, payment complexity rises rapidly—multiple currencies, overseas suppliers, and global platforms introduce delays and added costs when payment systems cannot support cross-border trade efficiently.

MAS Regulatory Framework and MPI License Expansion

Major Payment Institutions (MPIs) are licensed by the Monetary Authority of Singapore and must safeguard customer funds according to strict regulatory requirements. These providers are required to hold valid MAS licenses and meet international security standards including PCI DSS, SOC1, and SOC2 compliance.

The number of regulated providers continues to grow. In December 2025, Ripple's Singapore subsidiary, Ripple Markets APAC Pte. Ltd., received MAS approval to expand the scope of its MPI license, allowing broader regulated payment offerings. Ripple is among the few blockchain-enabled institutions globally with an MPI license, reinforcing its commitment to compliance and transparency. Airwallex (Singapore) Pte. Ltd. is also licensed as an MPI, joining a growing list of regulated providers that offer cross-border payment services to businesses operating in Singapore.

These expanded license scopes enable MPIs to offer a wider range of services, including money transfer, collection-on-behalf-of (COBO), and payment-on-behalf-of (POBO) capabilities—services increasingly demanded by businesses managing cross-border flows across multiple Asian corridors.

Real-Time Payment Linkages with Regional Partners

Singapore has established real-time payment linkages with several Asian economies, enabling near-instant cross-border transfers. These bilateral connections represent a significant infrastructure advantage over traditional correspondent banking:

• Singapore–India: PayNow–UPI linkage launched on 21 February 2023
• Singapore–Thailand: Real-time payment systems linkage launched on 29 April 2021
• Singapore–Malaysia: Cross-border real-time payment connectivity launched on 17 November 2023; QR code payment linkage launched on 31 March 2023
• Singapore–Indonesia: Cross-border QR payment linkage launched on 17 November 2023
• Singapore–Philippines: Cooperation under pursuit since November 2021

Providers using these local payment rails can deliver funds same-day or next-day on major corridors, compared to two to five business days via SWIFT. This speed advantage is critical for businesses managing cash flow across multiple markets.

Cumulative Linkages (count)Source: Orionmano Industries

Key Industry Players and Service Innovations

Major MPI providers are expanding their service offerings to meet growing demand for cross-border payment solutions. WorldFirst offers a multi-currency World Account designed for international business payments, connecting domestic and cross-border flows. The platform gives companies a single account for managing collections, supplier payments, and cash across multiple currencies.

Airwallex provides integrated cross-border payment solutions with fast settlement times and compliance with PCI DSS, SOC1, and SOC2 standards. As a licensed MPI, Airwallex offers same-day or next-day fund delivery on major currency routes, significantly faster than SWIFT's two-to-five-day timeline.

Ripple's expanded MPI license enables it to offer a broader suite of regulated payment services using blockchain technology. The company noted that the Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth, and Ripple's expanded capabilities allow it to offer faster, more efficient payments to institutional customers.

The expansion of MPI scopes directly supports the growing demand for money transfer, COBO, and POBO services. As trade and remittance flows increase—driven by Singapore's role as a global hub and the deepening of commercial ties with India, Indonesia, Malaysia, Thailand, and the Philippines—licensed providers are scaling their regulated offerings to meet business needs.

Outlook

As Singapore deepens payment linkages with additional Asian economies and continues to expand MPI license scopes, cross-border payment volumes are expected to grow further. Digital assets and blockchain-based services are likely to play an increasing role in regulated corridors, particularly as providers like Ripple demonstrate that compliant, transparent crypto-enabled payments can operate within existing regulatory frameworks. The combination of real-time rail connectivity, expanded MPI authorization, and growing commercial demand positions Singapore's cross-border payment market for continued expansion through 2026 and beyond.