Fave Singapore, operating under the registered entity Beeconomic Singapore Pte. Ltd. and part of the Pine Labs group, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This approval allows Fave to offer account issuance, merchant acquisition, and domestic money transfer services.
Since its inception in 2016, Fave has facilitated over US$1 billion in transactions across Southeast Asia and India, helping consumers save over US$500 million through its loyalty programs.
Fave’s core offerings include Fave Pay, Fave Deals, and Fave eCards. The company plans to continue rolling out innovative commerce products in partnership with Pine Labs.
The company also collaborates with DBS Bank, Google Pay, United Overseas Bank, and Singtel Dash as part of its loyalty program to enable interoperable payments.
Fave has previously contributed to the development of Singapore’s fintech ecosystem, notably participating in MAS’ SGQR+ Proof of Concept to improve QR payment interoperability.
The company was acquired by Pine Labs in 2021, enhancing its regional expansion efforts.
Varun Varma, Head of Strategy and Corporate Development, Pine Labs, stated,
“We are pleased to receive this in-principle approval from MAS. We appreciate the trust that merchants, consumers and our loyalty partners have placed in us over the years, and we look forward to delivering more innovative payment and commerce solutions in Singapore and the region.”
