FlexM’s Global Head of Compliance & Operations Wins Innovator of the Year Award from International Compliance Association at the Oval, London

Fintech is an increasingly popular industry which is evolving and changing everyday and it is because of this dynamism that the regulatory and compliance structure of fintech has gained paramount importance. 

FlexM, an award winning fintech providing Fintech-as-a-Service (FaaS) solutions through B2B platforms has received notable appreciation and recognition recently for its innovative technology and solutions.

On the 19th of May, 2022, FlexM’s Global Head of Compliance and Operations, Mehek Weldon, was honored with the prestigious “Innovator of the Year ” award hosted by the International Compliance Association, at the Oval, London. 

Established in 2002, the International Compliance Association has played a prominent role in regulating and monitoring compliance policies and practices in the financial sector. With the onset of fintech, the responsibilities of ICA have grown tremendously.

Being recognized as the “Innovator of the Year” is an exalted achievement that deserves to be revered. Mehek’s efforts and strategy in this direction has beckoned the judges’ attention and agreement.

Her outstanding ideas about amalgamating the human aspect with compliance have proven to inspire the judges at ICA. As quoted by the host, the judges had the following to say on Mehek’s winning entry:

 

“An excellent submission which focuses on the ‘human’ aspect of compliance, good compliance can and should focus on a positive outcome for the client experience. Highly commended.”

 

At FlexM, Mehek is responsible for designing and implementing compliance policies and operational procedures for the company, in various countries, to comply with the local regulatory and licensing obligations. She is an ex-banker and has managed high networth banking clients with adherence to bank’s policies and norms. She has been an ex-founder and director of a start up in Singapore. Her entrepreneurial background coupled with her banking experience has helped her develop a unique combination of fintech agility bundled with bank-grade compliance.

 

Mehek Weldon’s Comment:

“I feel extremely honored to receive this prestigious recognition. Innovation is at the heart of everything that we do at FlexM and to be recognised for it by the ICA shows that the compliance  culture can be an integral part of any Fintech’s business strategy. When organizations involve compliance to take lead in business reengineering then it prepares the entire industry to fight financial crime due to emerging technology disruptions.”

 

On the ICA awarding Mehek for her wondrous imagination and efforts, FlexM Global’s Executive Chairman and Founder, Rune Nilsson had the following comments:

“FlexM would like to extend its heartiest congratulations to Mehek on achieving such an honor. Mehek’s determination and persevered efforts have brought her well-deserved recognition. Therefore, it is no wonder that the company is progressing to greater heights under her leadership.

It is an extremely proud moment for the entire company and Mehek’s achievements have inevitably fueled the company’s motivation even further. We wish the company even greater success!”

 

Incorporated in 2015, FlexM’s operations and role in the Fintech industry has broadened and branched into various segments since then. What started as a business solving financial inclusion and banking the unbanked through digital banking and e-remittance has transformed into a platform that now powers other businesses to launch their own Fintech use-case. 

Being a new-age digital bank, transforming a traditional money transfer business, embedding payments in an existing distribution model or taking your new startup idea to market; FlexM’s modular platform helps financial institutions and businesses to build and scale their unique fintech use-case, with lower investment and time to market.

Initially setup in Singapore and regulated by the Monetary Authority of Singapore (MAS), FlexM has rapidly augmented its global presence by starting operations in India, Canada, Philippines, Norway and now Bangladesh.

After the success of FlexBank and FlexRemit platforms which today power over 400 businesses and financial institutions globally, FlexM has now launched their newest product FlexComply which is an all-in-one compliance and risk management system that enables banks, MSBs and other regulated entities to manage and automate their compliance workflows. 

A majority of FlexM clients are financial institutions and hence compliance forms a critical part of the solutions these clients use. This is where FlexM excels and this award truly corroborates it!

 

With Mehek’s incredible contribution getting recognized by the ICA, it leaves minimal doubts about innovation and compliance coalescing together to enhance the industry. The potential of growth of fintech is immense, which only suggests an unending resultant growth of the importance of compliance. 

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MAS Fintech Award recognises FlexM’s Fintech-as-a-Service platform

SINGAPORE, Dec. 11, 2020 — FlexM Pte Ltd, a leading fintech company in payment and
digital solutions, announced that its Fintech-as-a-Service platform has won the MAS Fintech
award 2020 as one of the most innovative Fintech solutions in ASEAN. The award was
issued by the Monetary Authority of Singapore (MAS) and was presented by Mr. Ravi
Menon, MD of MAS during the event hosted on the night of 10th December in Marina Bay
Sands Ballroom during the Singapore Fintech Festival.

This Award represents industries’ highest accolade for FinTech innovation. This year
edition of the award recognised ground breaking FinTech solutions implemented by entities
that have enabled the financial sector to respond to the challenges posed by COVID-19
and/or climate change.

Mr. Ravi Menon, in his award presentation speech highlighted that we are operating in a
very unusual environment, but the Fintech dream and vision is to always look ahead. The
focus of the award this year was building resilience, seizing opportunities and emerging
stronger out of the Pandemic.

Mr. Naveed Weldon, CEO of FlexM said “We are super excited and honoured to have won
the award in the most innovative ASEAN Fintech category of the MAS Fintech Awards 2020.
We are pleased to have contributed positively to the most challenging global crisis that
humanity has seen and helped many companies emerge stronger from the Pandemic. This
award is a validation of our mission – to democratise digitalisation and ePayments for all”
FlexM offers three stacks under its Fintech-as-a-Service platform – Digital Issuance, Digital
Acquiring and Digital Money Transfer. FlexM’s Fintech in a box solution enables any
organization to become a Fintech in 10% of cost and time. This award-winning platform is
currently being utilised by hundreds of clients ranging from large multinational banks, public
sector companies, Fintech start-ups, SMEs to small retail shops.

“It is the flexibility and modularity of the platform that powers any organization to digitalize
and adopt ePayments irrespective of their budget or experience. This is what truly makes
this platform innovative and award winning. We have seen 300% growth in revenue during
the pandemic but more importantly we have contributed to growth and revenue increase for
many of our clients too during this period. In 2021 we will expand our product suites to
include more stacks to our Fintech-in-a-box solution and expand geographically to new
countries. Our commitment is to offer the world’s best Fintech platform to our clients” said
Mr. Rune Nilsson, Chairman of FlexM.

The winners of the MAS FinTech Awards, which are supported by PwC Singapore, were
selected from 326 submissions across 55 countries. The twelve winners in four categories,
including Singapore Founder, ASEAN FinTech, Singapore Financial Institution and Global
were selected by an international panel comprising industry experts.
FlexM won SGD 50,000 as cash prize. We would like to congratulate other winners of the
ASEAN FinTech category including AwanTunai, and NXTBK, Inc.

To learn more about the MAS Singapore FinTech Awards, visit:
https://www.fintechfestival.sg/fintech-awards

About FlexM

FlexM is a leading FinTech Company registered in Singapore and certified by the Singapore
FinTech Association as a Payments provider.
FlexM operates a Fintech-as-a-Service platform enabling organizations / FI to launch
branded digital solutions including eWallets, mobile apps, payment products. Our mission
is to democratize digitalization & ePayments for all.

For more information, please visit flexm.com or email us at info@flexm.com

To learn more about FlexM, visit: flexm.com

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Flexm startup raises seed funding to help unbanked migrant workers.

SINGAPORE, 17 November 2016, Singapore-based FlexM announced today it has raised seed funding to the tune of US$886,000. The funding comes from a number of undisclosed private investors.

The startup offers its customers an ewallet that can be used for payroll, money remittance, and e-shopping. FlexM’s service includes a virtual prepaid MasterCard and up to four physical copies. It claims to offer more affordable remittance rates than established services like Western Union.

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Flexm smart cities showcase – Asean Foreign Minister’s meeting 2018

Singapore, 5 August, 2018 – FlexM was selected by the Prime Minister’s Office to be part of the Smart Cities showcase for 51st ASEAN foreign ministers’ meeting held from 31 July to 4 August.

As part of the presentation, FlexM demonstrated to the all foreign ministers and delegates on how our solution enables foreign workers in Singapore to make cross-border remittance back home.

Mr Naveed Weldon, Chief Executive Officer, FlexM, said during the presentation, “Our vision at FlexM is to create an Inclusive ASEAN as we are empower the Unbanked with E-payments where no one is left behind”.

About FlexM

We provide consumer and corporate products for E-payment and cross border payments, mobile wallet acts like their Bank account and mobile number as their account number. With a mission to banking the unbanked, we are committed to customise our solutions that cater holistically to their banking needs.

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Flexm and ADB to partner for digital payments solution

SINGAPORE, 17 September 2019- FlexM will be collaborating with Asian Development Bank (ADB) to co-create an innovative digital payment solution.

The digital partnership news was announced by ADB shortly after FlexM won the ‘ADB Pay: Digital Payments Challenge’ at the recently held ADB-AIM Hackathon 2019. The exciting 3-day hackathon held at the ADB head office in Manila from August 31- September 2, showcased top talent in new technologies and sustainable solutions. Facing tough competition from 700 participants across 30 countries, FlexM scored first place winning US$10,000 in prize money and a partnership with ADB to co-develop and launch ADB Pay.

The hackathon covered three challenges addressing ADB’s goals of sustainability, knowledge sharing and digitalising the workplace. FlexM’s innovative solution incorporated user friendly UI and UX customised to the needs of ADB. Playing to its natural strengths of deep knowledge of payments architecture, tech expertise, customer research and agile design methodology, FlexM emerged as winner both in the audience vote and judges’ selection. FlexM’s proposal covered not only an interoperable digital payments solution but a full enterprise package including merchant network, chatbot, data analytics and AI.

FlexM which was established in 2015 in Singapore by Rune W Nilsson and Naveed Weldon, has now expanded to 3 countries with its sizeable and diversified portfolio. In 2018, FlexM was selected by the Prime Minister’s office in Singapore to showcase its inclusive cross border payment solution in the ASEAN ministerial meeting and to present how FlexM provides the unbanked in ASEAN with an opportunity to be part of the payment ecosystem.

The partnership with ADB promises to be a synergistic one. Given FlexM’s rich retail experience in the underbanked and unbanked segments in ASEAN and experience in inclusive digital wallet and payment ecosystem, FlexM is poised to co-create a seamless customer journey that ties in with ADB’s strategy of digitalising employee payments and the workplace. In the broader perspective, FlexM’s vision of financial inclusion relates closely with ADB’s Strategy 2030, which seeks to add value through financing, advanced technologies, knowledge and partnerships through integrated solutions, guided by values of prosperity, resilience, inclusivity and sustainability.

Another key player in this venture is leading integrated cloud applications and infrastructure services company, Oracle. By integrating Oracle’s ERP cloud applications with the ADB Pay project, FlexM hopes to leverage this relationship to access Oracle’s marketplace and its 430,000 plus customer base. FlexM is also a participant in Oracle for Startups, the company’s global initiative to support entrepreneurship.

The FlexM and ADB partnership is momentous and timely for Singapore as well, given ADB’s recent announcement on June 28th, 2019 that it will be opening an ADB office in Singapore in the second half of this year.

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