Fave Singapore clinches in-principle approval in Singapore

It can now offer account issuance and domestic money transfer services in SG.

Fave Singapore, under the name Beeconomic Singapore Pte. Ltd., has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license.

With this, Fave can offer account issuance, merchant acquisition, and domestic money transfer services within the Lion City.

Since its establishment in 2016, the payment and loyalty-solutions provider has helped businesses in Southeast Asia and India to process over US$1b in transactions. Fave says that it has helped consumers save US$500m via its loyalty offerings.

Fave Singapore is a part of the Pine Labs Group. Its clients include Harvey Norman, Jollibee and Mary Chia, and smaller single store retail outlets. 

Fave also has partnerships with DBS, Google Pay, United Overseas Bank, and Singtel Dash.