Hugosave Secures Major Payment Institution License From MAS

Hugosave Secures Major Payment Institution License From MAS

by April 6, 2022

Hugosave, Singapore’s all-in-one digital account that helps consumers spend, save, and invest, starting with gold, announced that it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

As the bearer of an MPI license, Hugosave said it strictly abides by MAS’ Technology Risk Management Guidelines and MAS’ notice on cyber hygiene for the purposes of upholding security patches, multi-factor authentication, malware protection, and network perimeter defense.

The company’s protection measures mirror that of the Payment Services Act and that is, to undertake the full mantle of responsibility of user safeguards by being fully liable to the customer via segregation in a trust account maintained and guaranteed by a financial institution, this is done via DBS.

Hugosave added that it is looking to expand across more jurisdictions beyond Singapore in the future.

This not only include account and e-money issuance as well as domestic and cross-border money transfers, but the ability to modify current products for Hugosave’s customers, and eventually venture into investments, international payments, varying account structures, budgeting solutions, and allow for multiple users across one unified digital account.

Hugosave’s reported that it now has 20,000 accounts which showed an increase of more than 600% since the start of 2022.

David Fergusson

David Fergusson

“Hugosave’s newly-conferred MPI license is demonstrative of the confidence and affirmation placed in us from our financial regulator.

 

Our vision for Hugosave is to build financially healthy, thriving communities so as to enable consumers to spend smarter, save more and grow one’s wealth faster.”

states David Fergusson, Co-founder and Chief Executive Officer of Hugosave.

Julia Chin

Julia Chin

“We have clearly demonstrated our proprietary funnel of stringent protocols that include early warning systems for potential security breaches.

 

We have also instilled a pantheon of rigorous penetration test programs conducted throughout our technology architecture, whilst safeguarding our remit of fiscal stability, consumer and investor protection. In short, our vaunted customers are assured their funds and personal data are secured with Hugosave as their entrusted financial custodian.”

said Julia Chin, Head of Compliance at Hugosave.