FlexM Secures Major Payment Institution (MPI) License from MAS Singapore

FlexM Pte. Ltd., a global fintech conglomerate, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone marks a significant expansion of FlexM’s regulated financial services, enabling the company to offer cross-border money transfer services to its customers in Singapore.

Established in 2015, FlexM has been at the forefront of democratizing financial inclusion, initially operating as a Stored Value Facility to serve the underbanked segment, followed by democratizing access to financial technology for businesses through its Fintech-as-a-Service platform.

With the implementation of the Payment Services Act 2019, in 2020 FlexM was granted an exemption by MAS for a specified period as part of the transitional arrangements, to provide key licensed services, including account issuance, e-money issuance, domestic money transfers, and merchant acquisition.

With the MPI license, the company can now extend its capabilities to cross-border money transfers, enhancing global financial connectivity for individuals and businesses.

“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.

FlexM’s advanced technology platform equips financial institutions with innovative solutions spanning payments, merchant acquisition, remittances, and regulatory compliance. With the MPI license, FlexM strengthens its role as a reliable fintech enabler, offering businesses seamless and secure financial services to support their growth and global expansion.

FlexM operates globally, with presence in Canada, US, the Philippines, India, and Norway. The company has garnered multiple industry accolades, including recognition at the Singapore Fintech Festival, the Asia Fintech Awards and International Compliance Association.

Source: Fintech Singapore