Finmo obtains in-principle approval for MPI license from MAS

This lets Finmo’s customers receive funds in Singaporean dollars.

Singapore-based global payments company, Finmo, was given an In-Principle Approval (IPA) for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

Approved last March, this allows Singaporean businesses to utilise Finmo's range of global payments services, including its existing product portfolio available in the Asia Pacific region.

Finmo’s services include account issuance, competitive domestic and cross-border money transfers, multi-currency wallets, and online payment acceptance via Real-Time Payment (RTP) rails.

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With the expansion into Singapore, Finmo's customers can receive funds in Singapore dollars.

Furthermore, Finmo plans to introduce additional features during the ongoing rollout, including an API suite tailored for technology-driven businesses requiring integrated payments and financial services.