Fave Singapore, operating under a registered legal entity Beeconomic Singapore Pte. Ltd. and part of the Pine Labs group, has received in-principle approval for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
With this approval, favorite Issuing accounts, acquiring affiliated stores, and providing domestic remittance services.
Since its founding in 2016, Fave has facilitated over US$1 billion in transactions across Southeast Asia and India and helped consumers save over US$500 million through its loyalty programs.
Fave’s flagship products include Fave Pay, Fave Deals and Fave eCards, and the company plans to continue to roll out innovative commerce products in partnership with Pine Labs.
The company has also partnered with DBS Bank, Google Pay, United Overseas Bank and Singtel Dash as part of a loyalty programme to enable interoperable payments.
Fave has been instrumental in the development of Singapore’s fintech ecosystem. participate Participate in MAS’s SGQR+ proof of concept to improve interoperability of QR payments.
The company was acquired by Pine Labs in 2021, bolstering regional expansion efforts.
Varun Varma
Varun Varma, Head of Strategy and Corporate Development, PineLab said, “We are delighted to be working with PineLab to bring this technology to market.
“We are pleased to receive this in-principle approval from the MAS. We appreciate the trust placed in us by our merchants, consumers and loyalty partners over the years, and look forward to delivering even more innovative payment and commerce solutions in Singapore and the region.”
