Finmo receives In-Principle approval for MPI License from MAS

By Leandra Monteiro

Finmo, a Singapore-based global payments company, has announced its upcoming launch plans for Singapore, after receiving the In-Principle Approval for a Major Payment Institution license from the Monetary Authority of Singapore in March 2023.

The development will grant Singapore businesses access to Finmo’s comprehensive suite of global payments services, including its current product and service offerings across Asia Pacific.

Finmo’s existing solutions include global account issuance, domestic and cross-border money transfer at competitive rates, multi-currency wallets, and online payment acceptance through Real-Time Payment (RTP) rails.

As part of Finmo’s expansion into Singapore, customers worldwide can now receive funds locally in Singapore Dollars (SGD), thereby enhancing their accessibility to the Singaporean market and opening up new opportunities for trade and growth. Additionally, the company has announced that the ongoing rollout will incorporate enhanced features, such as an API suite designed for technology-driven businesses that require embedded payments and financial services.

In addition to these advancements, Finmo is initiating an all-in-one treasury operating system (TOS) for businesses, extending beyond global fund transfers. Its TOS will empower companies to streamline critical treasury functions, including cash and liquidity management, financial risk management, and regulatory compliance, all within a single platform.

Commenting on the expansion, David Hanna, Co-founder & CEO of Finmo, said, “The Finmo TOS is going to ensure merchants and businesses can scale quickly, with the assurance of regulatory compliance, because the backbone of the Finmo TOS is the regulatory compliance infrastructure required to operate in a global environment.”

David continued, “Singapore has always been our primary market, given that we established our headquarters here to serve a global market. Being Asia’s premier treasury location and the world’s third-largest foreign exchange trading hub, Singapore serves as an ideal destination for modernizing treasury solutions and acts as a natural gateway to other Southeast Asian markets. With our recent launches in Australia, New Zealand, the Philippines, and Thailand, we recognize the tremendous opportunity for growth with this expansion. We have already received significant interest from our existing clientele.”