ShopBack, a shopping and rewards platform based in Singapore, announced on Tuesday that it has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows ShopBack to offer digital payment services legally in Singapore.
The firm said in a statement that this approval further accelerates its evolution into a fully integrated shopping and payments ecosystem.
With this license, ShopBack is now allowed to offer certain payment services in Singapore.
This means it can help stores accept payments directly, and customers in Singapore can use ShopBack Pay to make purchases.
“Receiving this Major Payment Institution license marks a foundational milestone for ShopBack,
“It gives us the infrastructure to scale ShopBack Pay in a way that’s smarter, faster, and more secure — while continuing to deliver value to both users and merchants,” said Huanmin Huang, Acting CFO and Chief of Staff, ShopBack.
According to the statement, this positions ShopBack not just as a leader, but as a category-defining platform — blending rewards, payments, and commerce into a single experience.
Now that ShopBack has official approval, it continues to lead the way in offering useful and trusted services to both shoppers and businesses.
For shoppers, using ShopBack Pay in stores will still feel the same, but they can expect an even smoother and safer experience.
The license also allows ShopBack to add new features in the future.
For businesses, getting the MPI license shows that ShopBack is ready to take a bigger role in Singapore’s payment system. It can now work more closely with merchants, speed up payment processes, and improve its technology to support new payment ideas.
This approval is an important step for ShopBack as it grows its payment services in Singapore.
Now that ShopBack Pay is officially approved and regulated, the company is ready to expand its payment services and build stronger partnerships with stores.
ShopBack is a shopping, rewards, and payments platform that helps over 50 million shoppers in 13 countries.
In 2025, the company is also growing globally by expanding into North America.
Since starting in 2014, ShopBack has helped generate over $4 billion in sales each year for more than 20,000 online and physical stores.
It now handles over 500,000 transactions every day.
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