6 July 2023
Singapore witnesses a groundbreaking shift in global payment services and treasury solutions, as a pioneering company prepares to launch its innovative suite of offerings.
Singapore-headquartered global payments company Finmo has announced its imminent launch plans in Singapore following the approval of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in March 2023. This significant milestone will enable Singaporean businesses to access Finmo’s comprehensive range of global payments services, expanding the company’s existing product and service offerings throughout the Asia Pacific region.
Finmo’s current solutions include a diverse array of financial services such as global account issuance, competitive domestic and cross-border money transfers, multi-currency wallets, and online payment acceptance through Real-Time Payment (RTP) rails.
With its expansion into Singapore, Finmo customers worldwide will now have the ability to receive funds in Singapore Dollars (SGD), thereby enhancing their accessibility to the Singaporean market and unlocking new trade and growth opportunities. Furthermore, Finmo has revealed plans to incorporate enhanced features as part of the ongoing rollout, including an API suite tailored for technology-driven businesses in need of embedded payments and financial services.
A noteworthy development by Finmo is the introduction of the world’s first all-in-one treasury operating system (TOS) for businesses. Going beyond global fund transfers, the TOS will empower companies to streamline essential treasury functions within a single platform. This innovative system encompasses cash and liquidity management, financial risk management, and regulatory compliance.
Speaking about the expansion, David Hanna, Co-founder & CEO of Finmo, emphasized the changing landscape of global business operations and the increasing incorporation of fintech across markets. He highlighted the often-overlooked critical treasury function, citing the Finmo TOS as a solution that enables businesses to scale quickly while ensuring regulatory compliance.
David expressed his confidence in Singapore as Finmo’s primary market, considering its strategic position as Asia’s premier treasury location and the world’s third-largest foreign exchange trading hub. Singapore acts as an ideal hub for modernizing treasury solutions and serves as a natural gateway to other Southeast Asian markets. With recent successful launches in Australia, New Zealand, the Philippines, and Thailand, Finmo anticipates substantial growth opportunities through this expansion, with significant interest already expressed by existing clientele.
“We are excited to expand our product suite and platform to serve our customers in Singapore and the wider region,” concluded David Hanna, underscoring Finmo’s commitment to providing comprehensive and cutting-edge financial solutions to businesses worldwide.
As Finmo prepares to launch in Singapore, businesses can look forward to an array of global payment services and the introduction of the pioneering all-in-one treasury operating system, revolutionizing how companies manage their finances in the modern era.