Fave Singapore, operating under Beeconomic Singapore Pte. Ltd. and part of the Pine Labs group, announced that it has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) Licence. This licence will enable Fave to offer account issuance, merchant acquisition, and domestic money transfer services.

This in-principle approval marks a significant milestone for Fave, highlighting its dedication to providing secure and efficient payment services for both businesses and consumers. Fave is 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 at 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 assisted businesses in Southeast Asia and India in processing over US$1 billion in transactions and has helped consumers save over US$500 million through its loyalty offerings. Fave provides payment and loyalty solutions that enable businesses to accept digital payments, grow their operations, and enhance customer loyalty and engagement.

Core Products and Future Plans

Fave’s core products include Fave Pay, Fave Deals, and Fave eCards. In partnership with Pine Labs, Fave plans to continue rolling out innovative commerce products in the coming years. Businesses using Fave range from large enterprises 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. Fave was acquired by Pine Labs in 2021 as part of its regional expansion efforts.