Fintech startup Sleek obtains major payment institution licence
Michelle Zhu
HOME-GROWN corporate services company Sleek has been granted a major payment institution (MPI) licence issued by the Monetary Authority of Singapore (MAS) effective from Jul 1, 2022.
According to the company, this makes it the first fintech in Singapore offering incorporation and accounting services to receive the MPI licence.
The licence will allow Sleek to expand its business account suite of services with cross-border transfers, account issuance and e-money issuance to a wider group of SME (small and medium-sized enterprise) clients, said the company in its press statement on Wednesday (Jul 6).
The Sleek business account is among the latest service offerings launched by the company, alongside debit card issuance as well as local and cross-border payments and collections.
Other services offered by Sleek include company incorporation, accounting, taxation, corporate secretarial services and CFO (chief financial officer) as a service.
“We intend to make good use of the licence and continue supporting the underserved market segment of early-stage entrepreneurs with simple and fully digital fintech services, whilst growing our overseas markets from our base in Singapore,” said Sleek chief executive and co-founder Julien Labruyere.
Another Singapore-based institution awarded the MAS MPI licence this year is digital account and mobile app Hugosave. Cryptocurrency platform Hodlnaut was granted in-principle approval for the licence in March*. Amendment note: An earlier version of this article incorrectly stated that Hodlnaut had been granted the MAS MPI licence, when in it had only obtained in-principle approval as at the time of publication.
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