FlexM, a fintech company known for its Fintech-as-a-Service (FaaS) platform, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license will allow FlexM to offer services including account issuance, e-money issuance, domestic money transfers, merchant acquisition, and cross-border money transfers.
This development follows FlexM’s recent approval of a Payment Service Provider license from FINTRAC in Canada.
FlexM’s FaaS platform enables organisations to launch their own branded fintech solutions, particularly in payments, money transfers, and regulatory compliance.
Having initially operated a stored value facility in Singapore, FlexM transitioned to its FaaS platform in 2019, just before the implementation of the Payment Services Act 2019 by MAS.
The company was previously exempted under this act for a limited time.
FlexM operates in several countries, including the US, Canada, Singapore, the Philippines, India, Bangladesh, and Norway, providing fintech solutions across various sectors.
It has also been part of the SGQR task force committee and has won awards at the Singapore Fintech Festival in 2020 and 2022.
Naveed Weldon, CEO and Co-Founder of FlexM said,
“This achievement is a testament to our team’s dedication, the strength of our FaaS platform, and our commitment to providing cuttingedge financial solutions to our clients and their customers.
We are excited about the opportunities ahead in the dynamic Singapore market, and look forward to contributing further to the fintech ecosystem in Singapore and Southeast Asia.”
