Finmo launches in Singapore after securing MPI license
Finmo, a payments company headquartered in Singapore, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
With this license, Finmo enables its global customers to receive funds in Singapore Dollars (SGD). The launch is in line with the MAS’ plans to develop the country as Asia Pacific’s payment hub. The nation’s markets regulator already supports several initiatives from different global players who are in the midst of establishing their presence in the city-state.
One of Finmo’s key focuses is on addressing the treasury needs of small and medium-sized enterprises (SMEs) beyond just payments. Its all-in-one Treasury Operating System (TOS) is designed to assist SMEs in efficiently managing their critical treasury functions. This comes at a time when SMEs play a pivotal role in Singapore’s economy, contributing significantly to its GDP and employment rates. However, this segment has been underserved by existing solutions in the market.
The Finmo TOS, developed by former senior executives from major financial institutions like Citi, PayPal, and Visa, leverages real-time payments (RTP) rails to enable instant money transfers. The solution also offers other functions including cash flow forecasting, liquidity management, financial risk mitigation, and compliance with financial regulations. By consolidating these critical functions into a single, product, Finmo addresses a crucial need for SMEs’ financial stability.
“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.”
Among other features, Finmo’s offerings in Singapore include Global Currency Accounts (GCA) for multi-currency transactions, domestic and cross-border money transfer services. The service allows businesses to choose favorable exchange rates for fund conversions, and multi-currency wallets and online payment acceptance to create a streamlined payment ecosystem for companies operating in Singapore.