“Embracing Digital, Charting the New Normal”, the theme for the Singapore Fintech Festival (SFF) Global FinTech Awards 2022, was set keeping in mind the rampant age of digitalisation that is taking over the financial industry.
The Global FinTech Hackcelerator and the SFF Global FinTech Awards, hosted by the Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA), were held at the SFF from the 2nd to the 4th of November, 2022.
Out of a total of 223 submissions across nine categories, there were 36 winners, among which FlexM was awarded 1st place in the honorable ASEAN fintech category.
FlexM received the honor from the Minister of State, Republic of Singapore, Mr. Alvin Tan. This is the 2nd time FlexM has been awarded as the best ASEAN Fintech by MAS Singapore Fintech Awards.
FlexM owns and operates a proprietary B2B Fintech-as-a-Service platform that enables businesses to launch and manage their own brand fintech use-case.
Incepted in 2015 in Singapore, FlexM’s operations have traversed across the seven seas and built their bases in 6 different countries now, including Philippines, Canada, India, Norway, and Bangladesh.
FlexM partnered with Shop.com, an international e-commerce platform that brings various retail brands together 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 pandemic’s peak, when the sales and presence of offline stores had fell significantly, FlexM joined hands with Shop.com to build an online application called “Connect”, to help local merchants leverage digitalisation for their growth and sales.
“Connect” enabled merchants to easily onboard into a digital setup with integrated payment solutions. Other than payments, the app also powered Shop.com to launch a unique instant cashback loyalty program for offline merchants.
The digitisation of payments and the integrated loyalty program rewarded the merchants with an increased footfall, helping them 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 payments ecosystem.
With 100+ Pay-in and Pay-out channels, auto-settlements and cash back programs, it is a solution designed for SMEs as well as master acquirers, shopping malls, departmental stores, ecommerce platforms, marketplaces, and gig economy players.
The built-in reward points earn-and-burn engine makes the solution lucrative and competitive enough for our local SMEs to fight the large scale cash rich e-tailers and retailers in the ASEAN market.
The SME market is one of the biggest achievers with its contribution adding to about 40% to Singapore’s GDP (Source). FlexPay is a boon to the hundreds of thousands of SMEs that need their own comprehensive payment ecosystems to stay competitive in the ever increasing digital economy.
In addition to digitalising brick-and-mortar SMEs via FlexPay, FlexM’s FlexBank empowers new-age digital banks with pre-built components for account issuance, card issuance, payments, loans 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, the Regulatory guidelines of the Payment Service Act. Implementation of all regulatory requirements of Periodic Review, Risk Assessment, Ongoing Monitoring are inbuilt into the FlexComply System.
Another product offered by FlexM is their FlexRemit platform, which is a remittance management solution for facilitating money service businesses anytime, anywhere, with support on licensing, regulatory compliance, correspondent relationship and FX hedging.
The innovative solutions offered by FlexM have received immense appreciation and honor from MAS and SFA. Securing first place in the ASEAN fintech category in the honorable SFF Global FinTech Awards is momentous to FlexM’s future and growth, allowing it to cast its name in the vast industry of fintech.
FlexM believes in empowering its clients and customers with the right technology and solutions, so that they can build their masterpieces leveraging FlexM’s expertise.
From neo banks to regulation 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 clients.