Finmo Granted Major Payment Institution License from MAS

Payments company Finmo has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) just 4 months after it received the in-principle approval in March this year.

This license marks Finmo's official entry into the Singapore market and the company will turn its focus on expanding its product suite.

Finmo said that its focus is currently on the treasury needs of small and medium-sized enterprises (SMEs) beyond payments. In line with this, the firm's all-in-one Treasury Operating System (TOS) assists SMEs in effectively managing their mission-critical treasury functions.

Among Finmo's other offerings in Singapore include global currency accounts which allows businesses to transact efficiently in multiple currencies, domestic and cross-border money transfer services allows business to choose when to convert funds based on favorable exchange rates, as well as multi-currency wallets and online payment acceptance.

Finmo added that it plans to introduce additional products and services gradually in due course.

"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. We aim to be a trusted partner for these businesses by simplifying cross-border transactions and providing effective and innovative solutions," said David Hanna, Co-founder and CEO of Finmo.

(Source: Fintech News Singapore)