Finmo Eyes Singapore Launch With In-Principle Approval for MPI License

Payments company Finmo announced its upcoming launch plans for Singapore after receiving the In-Principle Approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in March 2023.

This will grant Singapore businesses access to Finmo's comprehensive suite of global payments services, including its current product and service offerings across Asia Pacific.

Headquartered in Singapore, 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).

Additionally, Finmo 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.

David Hanna, Co-founder and CEO of Finmo said, "Singapore has always been our primary market, given that we established our headquarters here to serve a global market. With our recent launches in Australia, New Zealand, the Philippines, and Thailand, we recognise the tremendous opportunity for growth with this expansion. We are excited to expand our product suite and platform to serve our customers in Singapore and the wider region."

(Source: Fintech News Singapore)