FlexM secures in-principle approval for a Major Payment Institution license from MAS, expanding its fintech services in Singapore, including payment and money transfer solutions.
Singapore, Sept. 09, 2024 — FlexM Pte. Ltd., a leading global fintech company specializing in innovative financial solutions through its Fintech-as-a-Service (FaaS) platform, announced today that it has been awarded in-principle approval (IPA) for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), to offer account issuance, e-money issuance, domestic money transfer, merchant acquisition, and cross-border money transfer services.
FlexM’s FaaS platform empowers organizations to launch their own branded fintech use-cases, specializing in Payment (FlexPay), Money Transfer (FlexRemit), and Regulatory AML Compliance (FlexComply). The granting of the IPA for a MPI license in Singapore follows FlexM’s achievement in Canada of obtaining a Payment Service Provider license from FINTRAC, Canada. This expansion underlines FlexM’s commitment to innovation and excellence in the global fintech industry.
FlexM has been a part of the SGQR task force committee in Singapore. Initially operating a stored value facility aimed at the unbanked segment, FlexM evolved to launch its Fintech-as-a-Service platform in 2019, just before the Payment Services Act 2019 came into effect in January 2020. This Act, introduced by MAS, provides a regulatory framework for payment services in Singapore. FlexM was exempted under the Payment Services Act for a specified period.
Naveed Weldon, CEO and Co-Founder of FlexM said, “This achievement is a testament to our team’s dedication, the strength of our FaaS platform, and our commitment to providing cutting-edge financial solutions to our clients and their customers. We are excited about the opportunities ahead in the dynamic Singapore market, and look forward to contributing further to the fintech ecosystem in Singapore and Southeast Asia.”
FlexM’s commitment to innovation has been recognized globally. FlexM has won two awards at the Singapore Fintech Festival in 2020 and 2022.
“FlexComply is more than just a compliance tool; it’s a strategic solution designed to tackle the increasing complexity and cost of KYC compliance,” said Rune Nilsson, Chairman of FlexM. “With the growing financial and operational burden on institutions to meet stringent regulatory requirements, FlexComply offers a robust, AI-driven platform that simplifies processes, reduces costs, and accelerates customer onboarding. This allows our clients to focus on what truly matters—building stronger relationships with their customers and ensuring trust in every transaction.”
