Currencycloud has been granted a Major Payment Institution (MPI) license from the Monetary Authority of Signapore (MAS) to conduct account isuance, e-money issuance, and both domestic and cross border money transfer. All existing Currencycloud clients domiciled in Singapore will be migrated to the newly licensed entity, Currencycloud Pte Ltd.
Purpose of the Singapore Client Migration Program
What is the purpose of the Client Migration Program?
In March 2025, Currencycloud Pte Ltd (Currencycloud SG) was granted a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to conduct account issuance, e-money issuance, and both domestic and cross border money transfer. With this license, our clients in the region can be assured that the regulated payment services offered by Currencycloud are provided in accordance with the stringent regulatory standards and protections in Singapore. To ensure alignment of services provided by the in-region Currencycloud entity, the existing clients of The Currencycloud Ltd (TCCL) will be migrated in phases to the newly licensed entity under Currencycloud SG, a Singapore incorporated entity within the Currencycloud / Visa Group of Companies.
Who will participate in the client migration exercise?
Clients who are domiciled in Singapore and specific regions within the Asia Pacific will participate in this exercise.
Licensing, Contractual Set and Legal Obligations
Is Currencycloud SG licensed?
Yes, Currencycloud SG is licensed as a Major Payment Institution (MPI) and supervised by the Monetary Authority of Singapore for the following regulated payment services:
- Account issuance
- E-money issuance
- Domestic money transfer
- Cross-border money transfer
Will there be any changes to the legal contract which I signed when I first signed up for Currencycloud services?
Yes, as part of this migration, the current contractual obligations undertaken by TCCL and/or other Currencycloud entities will be transferred to Currencycloud SG. All regulated payment services will be provided to you by Currencycloud SG once your accounts are migrated.
Will my funds continue to be safeguarded
Yes, your funds will be safeguarded in accordance with Singapore’s Payment Services Act and associated regulations (collectively known as "Regulations"). Relevant funds (meaning any sums received from you or for your benefit in respect of a regulated payment service as prescribed under the Regulations) received from you or for your benefit will be safeguarded by us on your behalf either:
(a) in segregated trust accounts opened with our primary safeguarding institution which are independent of our business bank accounts; and /or
(b) by guarantee with our secondary safeguarding institution for such amount of the relevant funds as required.
For more details, please refer to your client agreement and our relevant Terms of Use.
Do I need to sign a new client agreement as part of this migration exercise?
No, you will not be required to sign a new agreement, but you will be required to sign a Novation and Amendment Agreement which will be attached to the client communication package sent prior to migration.
Is there a timeline for me to submit the signed documents?
Yes, please return all signed documents within one month from the date of the letter in the client communication package. Our Account Management team will be reaching out to you to follow up on progress.
What happens if I do not respond by the stipulated timeframe?
Your existing services with TCCL may be affected.
Customer Due Diligence and Additional KYC Information
Given that the regulated payment services will be provided to me by Currencycloud SG, does this mean that I need to resubmit my KYC documentation to Currencycloud SG?
All clients migrating from TCCL will be treated as new clients being onboarded to Currencycloud SG. However, you do not need to re-produce the KYC information which you have previously provided to TCCL, as long as the information is still valid. By signing the Novation and Amendment Agreement, you grant consent to TCCL to share your KYC information with Currencycloud SG.
If my KYC information with TCCL will be shared with Currencycloud SG, why am I being asked to re-produce some KYC information or provide new information that was not requested when I opened my account with TCCL?
You may be asked to re-produce some KYC information as the existing documentation TCCL holds may be outdated and needs to be refreshed as part of the client migration exercise. You may be asked to provide additional information due to the different regulatory requirements between the UK and Singapore.
Is there a timeline for me to submit the new/updated KYC information?
Yes, please provide all requested KYC information within the timeframe stipulated in the client communication package, which will include the Novation and Amendment Agreement for signing.
Can I make use of Currencycloud SG's regulated payment services before providing the new/updated KYC documentation?
No, without the new/updated KYC documentation, Currencycloud SG is unable to provide any regulated payment services to you.
Product, Services and API
Given that the regulated payment services will now be provided by Currencycloud SG, does this mean that I need to re-integrate with Currencycloud’s API?
No, the migration will not affect your current integration with Currencycloud’s API.
Will there be any changes to the product offering by Currencycloud in general?
No, with the exception of FX Forwards and Derivatives which will not be offered by Currencycloud SG.
Will there be any changes to my account number or login details for the Currencycloud platform?
No, there will be no changes to your account number or login details for the Currencycloud platform.
What will happen to my existing balances held with TCCL?
With your agreement, your existing balances will be transferred to Currencycloud SG at the agreed cut-off time. Your Account Manager will reach out to you on the cutover date.
When can I start to use the new services provided by Currencycloud SG?
Once you have signed the Novation and Amendment Agreement, your Account Manager will reach out to you on the cutover date.