FlexM, a fintech firm identified for its Fintech-as-a-Service (FaaS) platform, has acquired in-principle approval for a Main Fee Establishment (MPI) license from the Financial Authority of Singapore (MAS).
This license will permit FlexM to supply companies together with account issuance, e-money issuance, home cash transfers, service provider acquisition, and cross-border cash transfers.
This improvement follows FlexM’s current approval of a Fee Service Supplier license from FINTRAC in Canada.
FlexM’s FaaS platform allows organisations to launch their very own branded fintech options, significantly in funds, cash transfers, and regulatory compliance.
Having initially operated a saved worth facility in Singapore, FlexM transitioned to its FaaS platform in 2019, simply earlier than the implementation of the Fee Companies Act 2019 by MAS.
The corporate was beforehand exempted underneath this act for a restricted time.
FlexM operates in a number of nations, together with the US, Canada, Singapore, the Philippines, India, Bangladesh, and Norway, offering fintech options throughout numerous sectors.
It has additionally been a part of the SGQR process drive committee and has gained awards on the Singapore Fintech Competition in 2020 and 2022.
Naveed Weldon, CEO and Co-Founding father of FlexM mentioned,
“This achievement is a testomony to our workforce’s dedication, the energy of our FaaS platform, and our dedication to offering cuttingedge monetary options to our shoppers and their prospects.
We’re excited concerning the alternatives forward within the dynamic Singapore market, and stay up for contributing additional to the fintech ecosystem in Singapore and Southeast Asia.”
