FlexM Awarded Best Asean Fintech by MAS at Singapore Fintech Awards 2022
“Embracing Digital, Charting the New Normal”, the theme of the Singapore Fintech Festival (SFF) Global FinTech Awards 2022, has been set keeping in mind the creeping era of digitalization sweeping across the financial industry.
The Global FinTech Hackcelerator and SFF Global FinTech Awards, organized by the Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA), were held at SFF from November 2-4, 2022.
Out of a total of 223 submissions in nine categories, there were 36 winners, including FlexM received 1st place in the ASEAN fintech honorable category.
FlexM received the honor from the Minister of State of the Republic of Singapore, Mr. Alvin Tan. This is the second time that FlexM has been recognized as the Best ASEAN Fintech by the MAS Singapore Fintech Awards.
FlexM owns and operates a proprietary B2B Fintech-as-a-Service platform that enables companies to launch and manage their own branded fintech use case.
Launched in 2015 in Singapore, FlexM’s operations have crossed the seven seas and built their bases in 6 different countries, including the Philippines, Canada, India, Norway and Bangladesh.
FlexM has partnered with Shop.com, an international e-commerce platform that brings together various retail brands in one place to facilitate online shopping, to facilitate the relaunch of local offline stores in Singapore in integrating digital solutions into their system.
At the height of the pandemic, when sales and the presence of offline stores had dropped dramatically, FlexM partnered with Shop.com to create an online application called “Connect”, to help local merchants leverage digitalization for their growth and sales.
“Connect” made it easy for merchants to integrate into a digital setup with integrated payment solutions. Apart from payments, the app also allowed Shop.com to launch a unique instant cashback loyalty program for offline merchants.
The digitization of payments and the integrated loyalty program have rewarded merchants with increased footfall, helping them accelerate their growth.
The award-winning solution that earned us this honor is called FlexPay. FlexPay is a modular, comprehensive yet simple tool that allows merchants to create their own payments ecosystem.
With over 100 checkout and payment channels, automatic settlements and cashback programs, it is a solution designed for SMBs as well as major acquirers, shopping malls, department stores, platforms of e-commerce, marketplaces and players in the on-demand economy.
The built-in reward points engine makes the solution lucrative and competitive enough for our local SMEs to fight against cash-rich e-merchants and large-scale retailers in the ASEAN market.
The SME market is one of the best performing with its contribution of around 40% to Singapore’s GDP (Source). FlexPay is a boon for the hundreds of thousands of SMBs that need their own comprehensive payment ecosystems to stay competitive in the ever-expanding digital economy.
In addition to digitizing physical SMBs through FlexPay, FlexM’s FlexBank offers new-era digital banks pre-built components for account issuance, card issuance, payments, loan management, and more.
The Company’s FlexComply regtech solution is designed for MAS-regulated entities where payment institutions are required to comply with PSN-01, the Payment Services Act Regulatory Guidelines. Implementation of all regulatory requirements for periodic review, risk assessment and ongoing monitoring are built into the FlexComply system.
Another product offered by FlexM is its FlexRemit platform, which is a remittance management solution to facilitate money services businesses anytime, anywhere, with assistance with licensing, regulatory compliance , correspondent relationship and currency hedging.
The innovative solutions offered by FlexM have received immense appreciation and honor from MAS and SFA. Achieving first place in the ASEAN fintech category at the honorable SFF Global FinTech Awards is momentous for FlexM’s future and growth, allowing it to make a name for itself in the vast fintech industry.
FlexM believes in empowering its customers with the right technology and solutions, so they can build their masterpieces by leveraging FlexM’s expertise.
From neo-banks to regulatory technology, cross-border remittances and payment solutions, FlexM’s holistic solutions are designed by understanding the pain points and customer journeys of each of their customers.