Singapore-based treasury management platform Finmo has launched the Finmo Business Account, a multi-currency account for small and medium-sized enterprises (SMEs) that operate across borders. Businesses receive local account details in their own name to collect funds in more than 45 currencies, hold more than 27 currencies, and make payments to more than 195 countries and territories. Finmo provides collections, conversions, and payments directly, under its own licences and through its payments partner network.
Collections, conversions, and payouts
The account allows customers to pay businesses in their own currency through local account details, and does not require automatic currency conversion, so businesses can convert funds only when they choose. Fees and exchange rates are shown before each conversion and payment. The account also supports bulk payouts, bill payments, and scheduled transfers. It syncs transactions with ERP and accounting platforms and offers access to money market funds for surplus cash, with unlimited users and approval controls.
Finmo holds 11 licences and regulatory permissions across eight markets, including a Major Payment Institution licence from the Monetary Authority of Singapore. According to the company, businesses move more than USD 1 billion through its platform each month. Businesses can apply online, and Singapore-incorporated companies can apply through MyInfo Business using Corppass and Singpass.
Money movement inside the treasury platform
For existing Finmo Treasury users, the Business Account adds the ability to move funds in multiple currencies in real time from the same platform they use to manage cash. Finmo Treasury consolidates balances across a company's entities and its accounts at other banks, provides a 13-week cash flow forecast, and monitors counterparty exposure, FX risk, and minimum balances, so finance teams can act on idle cash or funding gaps without leaving the platform.
David Hanna, Co-Founder and CEO of Finmo, said businesses have usually had to choose between a provider that moves their money and software that shows them where it is. He added that because Finmo holds the licences and partnerships to move money itself, companies can see their cash position and act on it in one place. The platform also includes MO AI, Finmo's built-in AI agent.
