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July 10, 2024
SINGAPORE, 10 July, 2024 – 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 US$1 billion in transactions and consumers to save over US$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 rollout 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 Program to enable interoperable payments. Fave was acquired by Pine Labs in 2021 as part of its expansion efforts in the region.
For more information about Fave and its services, please visit www.myfave.com.
For enquiries, please contact:
Amadea Choo Regional Head of Marketing, Faveamadea.choo@myfave.com+65 9630 7757
Fave provides a smart payment app for the next generation of consumers to pay and save. Fave empowers businesses to grow and digitally connect with their customers in a whole new way. Fave is on a mission to maximise joy and value in every shopping experience and accelerate the offline world's transition to the digital economy. Fave currently operates in over 35 cities across Malaysia, Singapore, and India. Fave is part of the Pine Labs Group, a leading fintech organisation. For more information, please visit www.myfave.com.