Fave Singapore 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.
Operating under the registered entity name Beeconomic Singapore, the in-principle approval marks a significant milestone for Fave Singapore. It previously participated in MAS’s SGQR+ Proof of Concept to enhance interoperability for QR payments.
Since its launch in 2016, Fave has processed over US$1 billion ($1.35 billion) in transactions across Southeast Asia and India.
Fave’s core products include Fave Pay, Fave Deals and Fave eCards. In partnership with India’s fintech firm Pine Labs, which acquired the business in 2021, Fave will continue to rollout innovative commerce products in the coming years.
