Sleek secures Major Payment Institution License
Sleek has been granted a Major Payment Institution License (“MPI”) issued by the Monetary Authority of Singapore (“MAS”), effective from 1 July 2022.
This makes us the first Fintech company in Singapore offering incorporation & accounting services to receive the MPI license. The license allows Sleek to expand its Sleek Business Account suite of services with cross border transfers, account issuance, and e-money issuance to an even wider group of its SME clients.
"Being granted the MPI license by our financial regulator is a testament to the trust our customers, investors, and partners have placed in our financial security standards and compliance levels. We intend to make good use of the license 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,"
The Sleek Business Account is part of a wide range of business essential services offered by Sleek to help simplify the management of back-office admin tasks for entrepreneurs, so they can focus on growing their business. These services include company incorporation, accounting, taxation, corporate secretarial services, CFO-as-a-Service, and most recently, business account and debit card issuance, as well as payments and collections, locally and cross-border.
"With the MPI license, we are excited to continue delivering best-in-class, end-to-end business account solutions for entrepreneurs. In the coming months, we look forward to enhancing our business account offering with multi-currency accounts, better cross border transfers experience, and more debit card enablement,"
As a MPI holder, we aim to upkeep our rigor in compliance and security, as we continue to gain market share across the regions it operates in. We are also looking to replicate the success of our Sleek Business Account offering with the launch of similar services in our UK and Australia entities later this year.
