Fave obtains in-principle approval for MPI license from MAS

By Gloria Mathias

Fave Singapore, part of the Pine Labs group, has announced that it has received 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.

The in-principle approval marks a milestone for Fave, underscoring its commitment to delivering secure and efficient payment services for businesses and consumers. Fave remains committed to driving innovation and growth within Singapore’s 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 process over $1 billion in transactions, and consumers have saved 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. In partnership with Pine Labs, Fave 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 partners with DBS Bank, Google Pay, United Overseas Bank and Singtel Dash as part of its Fave Loyalty Program to enable interoperable payments. Pine Labs acquired Fave in 2021 as part of its expansion efforts in the region. Fave currently operates in over 35 cities across Malaysia, Singapore, and India.