Fave Singapore, part of the fintech firm Pine Labs group, has on Wednesday announced that it has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license to offer account issuance, merchant acquisition, and domestic money transfer services.

Fave Singapore said in a statement that the in-principle approval marks a significant milestone for Fave, underscoring its commitment to deliver secure and efficient payment services for businesses and consumers.

Fave said it remains committed to driving innovation and growth within Singapore’s vibrant fintech ecosystem having previously participated in MAS’ SGQR+ Proof of Concept to enhance interoperability for QR payments.

“We are pleased to receive this in-principle approval from MAS,

“We appreciate the trust that merchants, consumers and our loyalty partners have placed in us over the years, and we look forward to delivering more innovative payment and commerce solutions in Singapore and the region,” said Varun Varma, Head of Strategy and Corporate Development, Pine Labs.

Since 2016, Fave has supported businesses in Southeast Asia and India to process over $1 billion in transactions and consumers to save over $500 million via its loyalty offerings.

The firm offers payment and loyalty solutions that help businesses accept digital payments, grow their business, and enhance customer loyalty and engagement.

Fave’s core products include Fave Pay, Fave Deals and Fave eCards, and Fave in partnership with Pine Labs will continue to rollout innovative commerce products in the coming years.

Businesses that use Fave range from large enterprise clients like Harvey Norman, Jollibee and Mary Chia, to smaller single store retail outlets.

Fave also has partnerships with DBS Bank, Google Pay, United Overseas Bank and Singtel Dash as part of its Fave Loyalty Program to enable interoperable payments.

Fave was acquired by Pine Labs in 2021 as part of its expansion efforts in the region.

The firm currently operates in over 35 cities across Malaysia, Singapore, and India.

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