2C2P, a payments platform based in Southeast Asia, has received a major payment institution license from the Monetary Authority of Singapore under the Payment Services Act 2019.

The license allows 2C2P to offer domestic and cross-border money transfers and merchant acquisition services to businesses in Singapore.

2C2P, founded in 2003, became part of Ant International’s Antom in 2022.

The company plans to expand its services for merchants in Singapore and Southeast Asia.

2C2P also released its annual whitepaper on the Southeast Asia digital payments sector in March 2025.

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🔗 Source: 2C2P

🧠 Food for thought

1️⃣ Singapore’s tiered licensing framework enables payment companies to scale incrementally

Singapore’s Payment Services Act creates three distinct license categories: Money-Changing License, Standard Payment Institution License, and Major Payment Institution License. This allows companies to align their regulatory requirements with their business scale and risk profile1.

This approach enables payment companies to begin with lighter regulatory requirements and upgrade as they expand their services and transaction volumes.

2C2P’s progression to a Major Payment Institution license demonstrates this pathway, as the company can now offer domestic money transfers, cross-border money transfers, and merchant acquisition services that weren’t available under lower license tiers.

The framework, which took effect in January 2020, represents a more streamlined regulatory approach than the previous fragmented system that consolidated regulations from multiple earlier acts2.

This tiered structure helps Singapore attract payment companies at different growth stages while maintaining appropriate oversight based on the actual risks each company presents to the financial system.

2️⃣ Digital wallet dominance creates substantial opportunities for licensed payment processors

The shift toward digital payments in Asia creates significant opportunities for companies with proper regulatory credentials, such as 2C2P’s new Major Payment Institution license.

Digital wallets are projected to account for 73% of e-commerce payments across Asia, significantly outpacing traditional card payments at just 15%3.

In Singapore specifically, e-commerce sales are projected to reach S$10 billion by 20254, while the broader Southeast Asian consumer base is expected to reach 623 million by 20305.

This represents a major shift in payment preferences that benefits full-service payment platforms over traditional card-focused processors.

2C2P’s positioning as part of Ant International’s Antom network since 2022, combined with its new licensing capabilities, positions it to capture a larger share of this digital wallet-driven growth across the region.

The timing of their license approval aligns with this digital payment boom, allowing them to offer comprehensive services just as businesses need more sophisticated payment infrastructure to serve digitally native consumers.

Recent 2C2P developments

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