The Monetary Authority of Singapore (MAS) has granted FlexM, a global fintech conglomerate, a Major Payment Institution (MPI) license.
This license extends FlexM’s regulated financial services, enabling the company to offer cross-border money transfer services to its customers in Singapore.
FlexM, established in 2015, initially operated as a Stored Value Facility, focusing on democratising financial inclusion for the underbanked before expanding to offer Fintech-as-a-Service for businesses.
In 2020, under the Payment Services Act 2019, FlexM was granted in-principle approval by MAS as part of the transitional arrangements, allowing it to provide services such as account issuance, e-money issuance, domestic money transfers, and merchant acquisition.
With the MPI license, FlexM can now expand its services to include international money transfers.
FlexM provides financial technology solutions to other financial institutions, covering payments, merchant acquisition, remittances, and regulatory compliance.
The company operates globally, with a presence in Canada, the US, the Philippines, India, and Norway.
FlexM has earned multiple industry accolades, including recognition at the Singapore Fintech Festival, the Asia Fintech Awards, and from the International Compliance Association.
“The approval of the MPI license underscores FlexM’s commitment to innovation and financial empowerment,”
said Rune Nilsen, Executive Chairman and Founder of FlexM.
“With this license, we can further strengthen businesses, allowing them to scale globally with trusted, compliant, and secure fintech and regtech solutions,”
added Naveed Weldon, CEO and Co-Founder of FlexM.
Featured image credit: Edited from Freepik
