Fave Singapore wins major payment institution license from MAS

The firm has over US$1b in transactions across Southeast Asia and India.

Fintech firm Fave Singapore has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license to offer account issuance, merchant acquisition, and domestic money transfer services.

Operating under the name Beeconomic Singapore and part of the Pine Labs group, Fave has processed more than US$1b in transactions across Southeast Asia and India since it was established in 2016. 

The company also helped customers save an estimated US$500m via its loyalty offerings. Fave provides payment and loyalty solutions to businesses, helping them process digital payments, grow their business, and boost customer loyalty and engagement.

Its clients range from small single-store retail outlets to enterprise clients including Harvey Norman, Jollibee and Mary Chia. Fave has also partnered with major banks and bigger financial services companies like DBS Bank, United Overseas Bank and Google Pay.