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Finmo obtains Major Payment Institution licence

Finmo obtains Major Payment Institution licence

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Finmo, a Singapore-headquartered leading global payments company, has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore. This licence marks Finmo’s official entry into the Singapore market, and the payments company’s global customers can now receive funds in Singapore Dollars (SGD).

The ability to receive funds in SGD facilitates trade and stimulates growth for international businesses with a keen interest in the Singapore market. It allows Finmo to provide its wide range of global payment services to companies in Singapore. 

An area of significant focus for Finmo is the treasury needs of small- and medium-sized enterprises (SMEs) beyond payments. Its all-in-one Treasury Operating System assists SMEs in effectively managing their mission-critical treasury functions. SMEs are a key pillar of Singapore’s economy, contributing 48% of its GDP and employing about 65% of its workforce, yet this is an overlooked segment by current solutions available on the market.

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