Fave Singapore obtains MAS approval for MPI licence

Fave Singapore, a part of the Pine Labs group, has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence.

This approval enables Fave to provide services such as account issuance, merchant acquisition, and domestic money transfers.

Since its establishment in 2016, Fave has facilitated transactions exceeding USD 1 billion across Southeast Asia and India, assisting consumers in saving over USD 500 million through its loyalty programs.

Fave’s primary services include Fave Pay, Fave Deals, and Fave eCards. The company intends to continue introducing new commerce products in collaboration with Pine Labs. It also partners with DBS Bank, Google Pay, United Overseas Bank, and Singtel Dash to support interoperable payments as part of its loyalty program.

Fave has previously contributed to the advancement of Singapore’s fintech ecosystem, notably participating in MAS’ SGQR+ Proof of Concept to enhance QR payment interoperability.

Pine Labs’ acquisition of Fave

The company was acquired by Pine Labs in 2021, strengthening its efforts for regional expansion. Since its inception in 2016, Fave has amassed a user base of 6 million Southeast Asian consumers, enabling them to collectively save over USD 400 million through transactions at 40,000 retailers. This acquisition strengthened Pine Labs' foothold in the region. It paved the way for Fave's expansion into India, where it leverages Pine Labs' extensive network of 500,000 merchant points across 3,700 cities.

The acquisition aligns with Pine Labs and Fave's shared goal of enhancing the digital payment landscape across Asia, particularly in retail, F&B, fashion, and FMCG markets. Fave's founders will take on expanded roles within Pine Labs to oversee the consumer platform across Asia, underscoring their commitment to driving innovation and growth in the region.

This acquisition sets the stage for Pine Labs and Fave to synergise their strengths and expand their footprint across the Asian market, promising to deliver value and convenience to consumers and merchants alike.