Finmo Receives In-Principle Approval for Major Payment Institution License from MAS and Announces Singapore Launch Plans

SINGAPORE, July 6, 2023 /PRNewswire/ — Finmo, a Singapore-headquartered leading global payments company, has announced its upcoming launch plans for Singapore, after receiving the In-Principle Approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in March 2023. This significant 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 will now have the ability to 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 pioneering the world’s first 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 ways of doing business globally has changed rapidly. More businesses are evolving to include fintech in their operational models and across markets. Yet, the critical treasury function is often overlooked because not many businesses can have a dedicated treasury team. 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.”

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

About Finmo

Finmo is a full stack digital payments platform with a modern treasury focus that allows its merchants with money movement (funds-in and out) and cash management including FX solutions. Its mission is to simplify payments and empower businesses and consumers to transact with only the most relevant methods that optimise for speed, convenience and cost. The Finmo Global Currency Accounts platform supports global payouts to more than 180 markets and more than 35 currencies.

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