FlexM, a fintech company known for its fintech-as-a-service (FaaS) platform, has received in-principle approval for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
This license allows Flex M It provides services such as account issuance, electronic money issuance, domestic remittance, merchant acquisition, and international remittance.
This development follows FlexM’s recent approval of a Payment Services Provider Licence from FINTRAC in Canada.
FlexM’s FaaS platform enables organisations to launch their own branded fintech solutions, particularly in the areas of payments, remittances and regulatory compliance.
FlexM initially operated a stored value facility in Singapore but transitioned to a FaaS platform in 2019, just before the implementation of the Payment Services Act 2019 by the MAS.
The company previously had a limited-time exemption under the law.
FlexM operates in several countries, including the US, Canada, Singapore, Philippines, India, Bangladesh and Norway, and offers fintech solutions across various sectors.
It is also a member of the SGQR Task Force Committee and has received an award at the Singapore Fintech Festival. 2020 and 2022.
“FlexM is committed to helping our customers achieve their business goals,” said Navid Weldon, CEO and co-founder of FlexM.
“This achievement is a testament to the dedication of our team, 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 upcoming opportunities in the dynamic Singapore market and look forward to contributing further to the fintech ecosystem in Singapore and Southeast Asia.”
