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Finmo Prepares to Launch Payments Product Suite in Singapore After Obtaining MAS License

Singapore-headquartered payments company Finmo has revealed plans to launch its product suite in Singapore after obtaining the necessary license earlier in the year. 

Finmo received its In-Principle Approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in March 2023 – granting businesses in Singapore access to Finmo’s suite of payment services.

The payments firm’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.

Finmo’s expansion into Singapore will enable customers worldwide to receive funds locally in Singapore Dollars (SGD). The firm explained that this move would also enhance the accessibility of the Singaporean market – opening up new opportunities for trade and growth.

The company has also 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 introducing an all-in-one treasury operating system (TOS) for businesses, extending beyond global fund transfers. Its TOS will enable companies to streamline critical treasury functions, including cash and liquidity management, financial risk management, and regulatory compliance, all within a single platform.

Singapore: a “natural gateway to other Southeast Asian markets”

David Hanna, co-founder and CEO of Finmo, commented on its launch plans for Singapore: “The ways of doing business globally have changed rapidly. More businesses are evolving to include fintech in their operational models and across markets. However, businesses often overlook the critical treasury function because not many have a dedicated treasury team.

David Hanna finmo
David Hanna, co-founder and CEO of Finmo

“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.

“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 modernising 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 recognise the tremendous opportunity for growth with this expansion. We have already received significant interest from our existing clientele.

“We are excited to expand our product suite and platform to serve our customers in Singapore and the wider region.”

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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