Hugosave obtains MAS licence to operate as major payment institution

HUGOSAVE, an "all-in-one" digital account and mobile app, has obtained a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).

The company was granted the licence on Apr 1, it said in a press statement on Wednesday (Apr 6). With the MPI licence, Hugosave can now offer account and e-money issuance and domestic and cross-border money transfers.

MPIs are licensed and regulated under the Payment Services Act to provide payment services without being subject to specific thresholds. This means they are able to provide any combination of regulated payment services, regardless of transactional volume or e-money held.

MPIs must also comply with requirements to protect customer money. On this matter, Hugosave said it is fully liable to the customer via segregation in a trust account maintained by DBS. (*see clarification note)

Founded in 2019, Hugosave allows customers to spend, save and invest - starting with gold. The fintech player has grown its staff count from 3 to 37, in line with its operational expansion and business growth.

It plans to venture into investments, international payments, varying account structures, better budgeting solutions, and allow for multiple users across 1 unified digital account.

*Clarification note: Hugosave has clarified that its trust account is maintained but not guaranteed by DBS. The article has been amended to reflect this.