Singapore based fintech Finmo has taken strides in its growth through receiving a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
It’s a step that marks Finmo’s official entry into the Singapore market, and the payments company’s global customers can now receive funds in Singapore Dollars (SGD).
David Hanna, Co-founder & CEO of Finmo.“We are enthusiastic about the abundance of opportunities accompanying our official expansion into Singapore. By broadening the scope of our operations, Finmo can enhance our services, cater to a wider range of customers, and contribute effectively to the success of businesses.
“Singapore is an esteemed global hub for technology and innovation, characterised by a dynamic business community comprising startups, major financial institutions, and a talented professional workforce.
“We also recognise the challenges faced by Singaporean businesses – both SMEs and larger enterprises – in navigating the complexities of international payments and automating treasury functions. We aim to be a trusted partner for these businesses by simplifying cross-border transactions and providing effective and innovative solutions.”
As a result, the ability to receive funds in SGD facilitates trade has been cited by the firm as being key to stimulating growth for international businesses with a keen interest in the Singapore market.