BVNK, a global payments firm, outlined its plans to expand its operations in the Asia-Pacific (APAC) region today (Tuesday). The company has appointed Anthony Man as the new Regional General Manager and established a founding team in Singapore, BVNK said in a statement.

BVNK Applies for MPI License

BVNK applied for Major Payment Institution (MPI) license in May as an initial step to setting up operations in APAC. It is part of a wider plan to obtain licenses across 15 markets within a year. Besides that, Chris Harmse, the firm's Co-founder, has temporarily relocated to Singapore to manage the expansion plans. Anthony Man will be the new BVNK's Managing Director for the region. He previously served as the VP of Sales and New Business at CurrencyCloud.

Jesse Hemson-Struthers, currently serving as the Chief Executive Officer at BVNK, expressed his optimism about the expansion plans, particularly the potential of Singapore. Hemson-Struthers is positive about the regulations in the country and has termed the appointment of Man as invaluable.

"Singapore's strategic location, vibrant fintech ecosystem, and forward-thinking regulatory environment make it the perfect base for our expansion," Hemson-Struthers claimed. "We are confident that our presence in Singapore will enable us to deliver tailored payment solutions to our customers in the APAC region while contributing to the growth and development of the local fintech landscape."

UK and Spain

Based in London, BVNK obtained an Electronic Money Institution (EMI) license in the UK in 2022 by acquiring System Pay Services (SPS). The acquisition enabled the fintech company to offer e-money, e-wallets, and multi-currency accounts for businesses with the approval of the Financial Conduct Authority (FCA).

BVNK enables its users to send, receive, and convert currencies across more than 60 countries globally. On top of that, the company incorporates blockchain technology, allowing merchants to incorporate stablecoins in payment settlements. It has a presence in the UK, Europe, Asia, the Middle East, and Africa.

Moreover, Finance Magnates reported that BVNK obtained a virtual asset service provider (VASP) license in Spain in 2022 to expand in Europe. The licensing followed the crypto-to-fiat platform's $40 million series funding round led by Tiger Global. Furthermore, BVNK counts Base Capital Partners, Raba, and Kingsway, as some of its other investors.