ShopBack has secured a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS), while IHH Healthcare is eyeing an expansion into Indonesia and Vietnam to deepen its market presence in the region.
ShopBack looking to expand payment offerings
ShopBack, a Singapore-headquartered loyalty and rewards platform, has secured a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS), allowing it to expand its digital payment capabilities in its home market.
The licence will support ShopBack in carrying out key payment services, such as merchant acquisition, domestic money transfers, and e-money issuance under Singapore’s Payment Services Act. In addition, ShopBack’s merchants are also able to directly accept payments from customers.
ShopBack Group CEO Henry Chan said the MPI approval marks “a significant milestone” for the company. “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,” he said in a statement.
ShopBack gives customers cashback for purchases made from retailers, either online or offline, on its app. Established in 2014 in Singapore, it now oversees 13 markets, including Southeast Asia, Australia, Taiwan, South Korea, Hong Kong, and even Germany and New Zealand, serves over 50 million shoppers.
IHH Healthcare seeks footprint in Indonesia, Vietnam
IHH Healthcare, a Singapore-listed hospital operator, is eyeing expansion into Indonesia and Vietnam as part of its broader strategy to deepen its presence in emerging markets across the region, as first reported in The Straits Times.
The hospital group, which operates over 80 hospitals in 10 countries, including India and China, sees both markets as attractive due to their large populations, rising middle class, and growing demand for private healthcare.
Group CEO Prem Kumar Nair noted that IHH is in active discussions regarding potential greenfield projects and strategic partnerships in both countries. “We get a lot of patients from Vietnam into our Singapore operations,” he said.
IHH already has a presence in Indonesia via its Gleneagles hospital brand and is seeking to scale up through new facilities and improved service offerings. In Vietnam, the group is exploring market entry options with a focus on cities with rising demand for specialised care.
In Singapore, IHH operates 793 beds across four hospitals, Gleneagles Hospital, Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital, and Parkway East Hospital. It also has 30 Parkway Shenton clinics, as well as other speciality and ancillary services.
