Tuesday, 16 July 2024
Fave receives in-principle approval for MPI licence from MAS
Fave Singapore, operating under the registered entity name Beeconomic Singapore Pte. Ltd. and part of the Pine Labs group today announced that it has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence to offer account issuance, merchant acquisition, and domestic money transfer services.
The in-principle approval marks a significant milestone for Fave, underscoring its commitment to deliver secure and efficient payment services for businesses and consumers. Fave remains committed to driving innovation and growth within Singapore’s vibrant fintech ecosystem having previously participated in MAS’ SGQR+ Proof of Concept to enhance interoperability for QR payments.
Varun Varma, head of strategy and corporate development, Pine Labs, stated: “We are pleased to receive this in-principle approval from MAS. We appreciate the trust that merchants, consumers and our loyalty partners have placed in us over the years, and we look forward to delivering more innovative payment and commerce solutions in Singapore and the region.”
Since 2016, Fave has helped businesses in Southeast Asia and India to process over $1 billion in transactions and consumers to save over $500 million via its loyalty offerings. Fave offers payment and loyalty solutions that help businesses accept digital payments, grow their business, and enhance customer loyalty and engagement.
Fave’s core products include Fave Pay, Fave Deals and Fave eCards, and Fave in partnership with Pine Labs will continue to roll out innovative commerce products in the coming years. Businesses that use Fave range from large enterprise clients like Harvey Norman, Jollibee and Mary Chia, to smaller single-store retail outlets. Fave also has partnerships with DBS Bank, Google Pay, United Overseas Bank and Singtel Dash as part of its Fave loyalty programme to enable interoperable payments. Fave was acquired by Pine Labs in 2021 as part of its expansion
efforts in the region.
Re-disseminated by The Asian Banker
