HitPay has secured a major payment institution licence from Singapore’s central bank, while seven Indonesian startups have been chosen to take part in Telkomsel’s accelerator program.
HitPay secures payment institution licence
HitPay, a commerce and payment processing startup for SMEs, on Tuesday announced that it has secured a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
The licence, according to the Singapore-based company, will allow it to offer services such as merchant acquisition and domestic and cross-border money transfer. In February, MAS issued in-principle approval for MPI licence to HitPay.
The MPI licence also strengthens HitPay’s presence in Singapore and Southeast Asia. Last year, the firm also obtained an Operator of Payment Systems (OPS) licence in the Philippines from the Bangko Sentral ng Pilipinas (BSP).
Established in 2016, HitPay’s products range from point of sale (POS) to online and in-person payment processing for merchants, aiming to enhance the efficiency of business operations. Its services are available in Southeast Asia and key global markets including Australia, France, the UK, and the US.
In May 2022, the startup raised $15.75 million in a Series A funding round led by New York-based investment firm Tiger Global Management. The startup had previously raised $2.7 million in seed funding using a simple agreement for future equity (SAFE) from investors including Rocket Internet, HOF Capital, and Y Combinator in 2021.
Telkomsel, AppWorks select 7 startups in accelerator program
Seven Indonesian startups have been chosen to participate in the TINC Batch #9 accelerator program of Telkomsel Ventures, the digital ecosystem enabler of Telkomsel; and venture capital investor AppWorks, according to an announcement.
The seven startups, selected from over 100 applicants, will undergo a six-month program under the TINC Batch #9, which will see Telkomsel Business Units explore ways for their products and services to be integrated into the Telkomsel Ecosystem.
The startups in Batch #9 include paediatric health platform PrimaKu; fintech firm Finfra; healthcare and insurtech company Rey; credit scorer Skorlife; climate-focused firm CarbonEthics; marketing and sales automation company Peacom; and smart home technology provider myECO.
“We’re incredibly excited to launch TINC Batch #9 with these seven dynamic startups. Their innovative B2B solutions and emerging technologies represent the future of Indonesia’s digital ecosystem,” said Telkomsel Ventures CEO Mia Melinda.