Finmo gets In-Principle Approval for Major Payment Institution license from MAS

This significant development will grant Singapore businesses access to Finmo's comprehensive suite of global payments services, including its current product and service offerings across Asia Pacific.

Finmo's existing solutions include global account issuance, domestic and cross-border money transfer at competitive rates, multi-currency wallets, and online payment acceptance through Real-Time Payment (RTP) rails.

Introducing Local SGD fund transfers and all-in-one treasury operating system

As part of Finmo's expansion into Singapore, customers worldwide will now have the ability to receive funds locally in Singapore Dollars (SGD), thereby enhancing their accessibility to the Singaporean market and opening up new opportunities for trade and growth. Additionally, the company has announced that the ongoing rollout will incorporate enhanced features, such as an API suite designed for technology-driven businesses that require embedded payments and financial services.

In addition to these advancements, Finmo is pioneering the world's first all-in-one treasury operating system (TOS) for businesses, extending beyond global fund transfers. Its TOS will enable companies to streamline critical treasury functions, including cash and liquidity management, financial risk management, and regulatory compliance, all within a single platform.

Executives from Finmo expressed that the global business landscape has undergone rapid changes, with an increasing number of businesses incorporating fintech into their operations across various markets. However, they noted that the crucial treasury function is often neglected due to the lack of dedicated treasury teams in many businesses. They further emphasised that the Finmo TOS aims to address this gap by enabling merchants and businesses to scale rapidly while ensuring regulatory compliance. The Finmo TOS is built on a robust regulatory compliance infrastructure necessary for operating in a global environment.

Finmo’s officials added that Singapore has always been their primary market, given that they established their headquarters there to serve a global market. Being Asia's premier treasury location and the world's third-largest foreign exchange trading hub, Singapore serves as an ideal destination for modernising treasury solutions and acts as a natural gateway to other Southeast Asian markets. With their recent launches in Australia, New Zealand, the Philippines, and Thailand, they recognise the tremendous opportunity for growth with this expansion. They have already received significant interest from their existing clientele.

What does Finmo do?

Finmo is a full stack digital payments platform with a modern treasury focus that allows its merchants with money movement (funds-in and out) and cash management including FX solutions. Its mission is to simplify payments and empower businesses and consumers to transact with only the relevant methods that optimise for speed, convenience, and cost. The Finmo Global Currency Accounts platform supports global payouts to more than 180 markets and more than 35 currencies.