FlexM awarded as 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, was set in mind the rampant age of digitization taking over the financial industry.

The Global FinTech Hackcelerator and SFF Global FinTech Awards, hosted by the Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA), were held at SFF from 2 to 4 November 2022.

Out of a total of 223 entries spread across nine categories, there were 36 winners, among them FlexM was awarded 1st place in the honorable ASEAN fintech category.

FlexM received the honor from the Prime Minister, Republic of Singapore, Mr. Alvin Tan. This is the second time FlexM has been awarded 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.

Started in 2015 in Singapore, FlexM’s business has crossed the seven seas and built its bases in 6 different countries now, including the Philippines, Canada, India, Norway and Bangladesh.

FlexM is partnering with Shop.com, an international e-commerce platform that brings together various retail brands in one place for easy online shopping, to facilitate the revival of local offline stores in Singapore by integrating digital solutions into their system.

During the peak of the pandemic, when sales and the presence of offline stores had dropped significantly, FlexM teamed up with Shop.com to build an online application called “Connect”, to help local merchants leverage digitization for growth and sales.

“Connect” enabled merchants to easily onboard a digital setup with integrated payment solutions. Apart from payments, the app also drove Shop.com to launch a unique instant cashback loyalty program for offline merchants.

The digitization of payments and the integrated loyalty program rewarded the merchants with increased visits, helping them to accelerate their growth.

The award-winning solution that has brought us the honor is called FlexPay. FlexPay is a modular, comprehensive, yet simple tool that allows merchants to create their own payment ecosystem.

With 100+ payment and payment channels, automatic settlements and refund programs, it is a solution designed for small and medium-sized enterprises, as well as master buyers, shopping malls, warehouses, e-commerce platforms, marketplaces and gig economy players.

The built-in reward points engine makes the solution lucrative and competitive enough for our local SMEs to fight against the big cash-rich e-tailers and retailers in the ASEAN market.

Valerie Pho, Vice President (SEA) of FlexM and Rune Wahl Nilsson, CEO and founder of FlexM

The SME market is one of the biggest gainers with its contribution rising to around 40% to Singapore’s GDP (source). FlexPay is a boon to the hundreds of thousands of small and medium-sized businesses that need their own comprehensive payment ecosystems to stay competitive in the ever-growing digital economy.

In addition to digitizing physical and brick-and-mortar SMEs via FlexPay, FlexM’s FlexBank brings new age digital banking with pre-built components for account issuance, card issuance, payments, loan management and more.

The company’s FlexComply regtech solution is built for MAS-regulated entities where payment institutions are required to comply with PSN-01, Regulatory Guidelines of Payment Service Act. Implementation of all regulatory requirements for periodic review, risk assessment, ongoing monitoring is built into the FlexComply system.

Another product offered by FlexM is their FlexRemit platform, which is a remittance management solution to facilitate anytime, anywhere money services businesses, with support for licensing, regulatory compliance, correspondent relationships and currency hedging.

The innovative solutions offered by FlexM have received enormous recognition and honor from MAS and SFA. Securing first place in the ASEAN fintech category at the prestigious SFF Global FinTech Awards is significant for FlexM’s future and growth, allowing it to make its name in the vast fintech industry.

FlexM believes in empowering its clients and customers with the right technology and solutions so that they can build their masterpieces by leveraging FlexM’s expertise.

From new banks to regulatory technology, cross-border money transfers and payment solutions, FlexM’s end-to-end solutions are designed by understanding the pain points and customer journeys of each of their customers.