back Back

Finmo receives ‘Major Payment Institution’ license of Singapore

By Gloria Mathias

August 11, 2023

  • APAC Fintech news
  • Domestic Payments
  • Finmo
Share

Finmo, MPI, Singapore, Payments, TOS, Fund Management, Major Payments Institutions, Singapore Dollars SGD, Domestic Payments, Finmo, a Singapore-based global payments company, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This license marks Finmo’s entry into the Singapore market, and the payments company’s global customers can now receive funds in Singapore Dollars (SGD). It allows Finmo to provide its wide range of global payment services to companies in Singapore.

Finmo sets a new standard for how financial technology platforms can support SMEs’ financial stability and ensure their continued success beyond mere fund transfers.

“We are enthusiastic about the abundance of opportunities accompanying our official expansion into Singapore. By broadening the scope of our operations, Finmo can enhance our services, cater to a wider range of customers, and contribute effectively to the success of businesses,” said David Hanna, Co-founder & CEO of Finmo.

“Singapore is an esteemed global hub for technology and innovation, characterized by a dynamic business community comprising startups, major financial institutions, and a talented professional workforce. We also recognize the challenges faced by Singaporean businesses – both SMEs and larger enterprises – in navigating the complexities of international payments and automating treasury functions. We aim to be a trusted partner for these businesses by simplifying cross-border transactions and providing effective and innovative solutions,” added Hanna.

Focusing on expanding its product suite, Finmo will leverage Singapore’s influence as a prominent technology and innovation hub to serve its regional customers better. In due course, Finmo plans to introduce additional products and services gradually.

Finmo is a full-stack digital payments platform with a treasury operating system (TOS) that allows its merchants to money movement (funds in and out) and cash management, including FX solutions. Its mission is to simplify payments, automate mission-critical treasury functions, and empower businesses and consumers to transact with the most relevant methods, optimising speed, convenience, and cost.

Previous Article

August 11, 2023

Paddle announces Paddle Billing API set for SaaS companies

Read More
Next Article

August 11, 2023

ForwardLane unveils Generative AI platform for wealth management

Read More













IBSi Daily News Analysis

Embedded Finance

September 29, 2023

APAC Fintech news

Banking is becoming byte-sized with rise of Embedded Finance, Temenos study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 29, 2023

Flutterwave & Capgemini to launch engineering mobility program in India

Read More

September 29, 2023

7 FinTech tweets you should see!

Read More

September 29, 2023

Deluxe and Aliaswire team up to modernise Digital Bill Pay

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q2 2023

£1,500.00 / year

Know More
Testing & QA for NextGen Bank Tech Q3 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q2 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023