Finmo receives ‘Major Payment Institution’ license of Singapore

By Gloria Mathias

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.