FlexM Secures In-Principle Approval for Major Payment Institution License from MAS: Expanding in Southeast Asia
A Milestone Achievement for FlexM
We are excited to announce that FlexM has received In-Principle Approval (IPA) for a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). This significant achievement paves the way for us to expand our offerings across Singapore and Southeast Asia, further enhancing our suite of payment and remittance services. This milestone is a testament to FlexM’s ongoing commitment to financial inclusion and innovation in the fintech space.
With this MPI license, FlexM will be authorized to offer:
- Account issuance
- E-money issuance
- Domestic money transfers
- Merchant acquisition
- Cross-border money transfers
Driving Financial Inclusion and Innovation
Since 2015, FlexM has been dedicated to promoting financial inclusion. Starting with a stored value facility for the unbanked, we have evolved into a global fintech leader with our Fintech-as-a-Service (FaaS) platform, empowering organizations to launch their own branded fintech solutions. The IPA from MAS enables us to significantly enhance our capabilities, and we look forward to making an even greater impact in Singapore and Southeast Asia.
Naveed Weldon, CEO and Co-Founder of FlexM, expressed his excitement about this achievement:
_"This approval marks a significant step forward for FlexM. Our team’s dedication and the strength of our FaaS platform have positioned us to deliver cutting-edge financial solutions to our clients and their customers. We’re thrilled to explore the new opportunities this license unlocks in Singapore and Southeast Asia, driving innovation and making financial services more accessible to all."_
Empowering Businesses with FlexM’s FaaS Platform
FlexM’s Fintech-as-a-Service platform specializes in four key verticals:
- FlexPay: Streamlining payment services with secure, seamless transactions.
- FlexRemit: Simplifying cross-border money transfers with faster, more cost-effective solutions.
- FlexComply: Ensuring compliance with comprehensive AML and regulatory solutions.
- FlexMerch - End to End merchant acquisition solutions from digital onboarding merchants, to payments, to settlements and more
With the MPI license, FlexM will further bolster its capabilities by expanding our money transfer corridor network to 180 corridors, facilitating faster east-to-west payments, and offering a broader range of services to our growing customer base.
A Testament to FlexM’s Strength and Vision
This In-Principle Approval follows FlexM’s recent success in Canada, where we obtained a money service business license from FINTRAC, enabling us to provide cross-border payment services. This continued expansion underscores our commitment to excellence and innovation.
Rune Nilsson, Executive Chairman and Founder of FlexM, highlighted the strategic importance of this milestone:
_"The approval for the Major Payment Institution License is a testament to FlexM’s vision and strength. This license is a game-changer for us, as it will unlock significant opportunities in the Asia-Pacific region. Singapore’s regulatory environment and strategic location make it the ideal base for us to drive future innovation and lead the next wave of payments across Southeast Asia."_
We are committed to empowering organizations with the tools they need to succeed in an ever-evolving financial ecosystem. With a strong foundation and continued regulatory support, FlexM is ready to lead the next phase of fintech innovation.
