SHOPLINE has received provisional approval from the Monetary Authority of Singapore and is expected to obtain a major payment institution license.

SHOPLINE announces that its subsidiary, Instage Technology Pte Ltd, has been granted provisional approval by the Monetary Authority of Singapore to potentially obtain a major payment institution license. If approved, SHOPLINE will be able to offer five regulated payment services in Singapore, including account opening, local and cross-border remittances, merchant expansion, and electronic currency issuance. SHOPLINE is a global retail solutions provider that was strategically invested in by the Huanju Group in 2019, offering a one-stop solution for global brand sellers. The provisional approval marks a key milestone for SHOPLINE Payments in regulatory compliance. It is reported that SHOPLINE Payments has already established a comprehensive governance, compliance, and operational infrastructure. Upon obtaining the payment institution license, SHOPLINE will be able to offer merchants more competitive pricing, faster settlement speeds, and enhance transaction security and user experience. In addition, the ability to support multiple currencies will help merchants achieve true global business coverage.