A Milestone Achievement for FlexM

We are excited to announce that FlexM has received In-Principle Approval (IPA) for a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). This significant achievement paves the way for us to expand our offerings across Singapore and Southeast Asia, further enhancing our suite of payment and remittance services. This milestone is a testament to FlexM’s ongoing commitment to financial inclusion and innovation in the fintech space.

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With this MPI license, FlexM will be authorized to offer:

- Account issuance

- E-money issuance

- Domestic money transfers

- Merchant acquisition

- Cross-border money transfers

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Driving Financial Inclusion and Innovation

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Since 2015, FlexM has been dedicated to promoting financial inclusion. Starting with a stored value facility for the unbanked, we have evolved into a global fintech leader with our Fintech-as-a-Service (FaaS) platform, empowering organizations to launch their own branded fintech solutions. The IPA from MAS enables us to significantly enhance our capabilities, and we look forward to making an even greater impact in Singapore and Southeast Asia.

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Naveed Weldon, CEO and Co-Founder of FlexM, expressed his excitement about this achievement:  

_"This approval marks a significant step forward for FlexM. Our team’s dedication and the strength of our FaaS platform have positioned us to deliver cutting-edge financial solutions to our clients and their customers. We’re thrilled to explore the new opportunities this license unlocks in Singapore and Southeast Asia, driving innovation and making financial services more accessible to all."_

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Empowering Businesses with FlexM’s FaaS Platform

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FlexM’s Fintech-as-a-Service platform specializes in four key verticals:

- FlexPay: Streamlining payment services with secure, seamless transactions.

- FlexRemit: Simplifying cross-border money transfers with faster, more cost-effective solutions.

- FlexComply: Ensuring compliance with comprehensive AML and regulatory solutions.

- FlexMerch - End to End merchant acquisition solutions from digital onboarding merchants, to payments, to settlements and more

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With the MPI license, FlexM will further bolster its capabilities by expanding our money transfer corridor network to 180 corridors, facilitating faster east-to-west payments, and offering a broader range of services to our growing customer base.

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A Testament to FlexM’s Strength and Vision

This In-Principle Approval follows FlexM’s recent success in Canada, where we obtained a money service business license from FINTRAC, enabling us to provide cross-border payment services. This continued expansion underscores our commitment to excellence and innovation.

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Rune Nilsson, Executive Chairman and Founder of FlexM, highlighted the strategic importance of this milestone:  

_"The approval for the Major Payment Institution License is a testament to FlexM’s vision and strength. This license is a game-changer for us, as it will unlock significant opportunities in the Asia-Pacific region. Singapore’s regulatory environment and strategic location make it the ideal base for us to drive future innovation and lead the next wave of payments across Southeast Asia."_

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We are committed to empowering organizations with the tools they need to succeed in an ever-evolving financial ecosystem. With a strong foundation and continued regulatory support, FlexM is ready to lead the next phase of fintech innovation.

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‍The Global Fintech Fest 2024: A Success Story with FlexM at the Forefront

As the Global Fintech Fest 2024 comes to a close, we at FlexM reflect on three exhilarating days of innovation, engagement, and inspiration. Hosted at the Jio World Convention Center in Mumbai, this event brought together the brightest minds and most forward-thinking companies in the fintech space. FlexM’s presence was nothing short of spectacular, marking a significant milestone in our journey towards revolutionizing financial services.

Day 1: Setting the Stage for Innovation

The energy was palpable from the moment the doors opened on Day 1. Our booth quickly became a focal point of activity, buzzing with curious visitors from various sectors—ranging from financial institutions to MSBs (Money Service Businesses), established and upcoming fintech companies, and businesses seeking to digitalize their payment processes. MSBs were keen on enhancing their remittance solutions, regulated entities sought our all-in-one compliance solution, and master merchants were eager to better their platforms with our digital merchant acquisition solution. Despite the varied products and diverse visitors seeking different solutions, there was a lot of buzz around our new compliance product, which garnered significant attention from all who visited our booth.

FlexComply, our AI-driven solution, is redefining regulatory compliance. From seamless onboarding, screening, transaction monitoring, fraud detection, and threshold monitoring to filing STRs (Suspicious Transaction Reports) with regulators in just a few clicks, real-time alerts, and a maker-checker workflow for managing cases and tasks between compliance teams, FlexComply captured the interest of many industry leaders and prospective clients.

Following the excitement around FlexComply, FlexPay took center stage with live demonstrations of its seamless payment integration capabilities. This was complemented by the strong interest in FlexRemit and its efficient cross-border payment services, alongside FlexMerchant, which empowers businesses with innovative payment solutions. Lastly, FlexBank sparked conversations on enhancing financial inclusion.
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Day 2: Strengthening Connections and Building Partnerships with Leadership at the Helm

Day 2 was a highlight of the event, not just for the deepening conversations initiated on Day 1, but also with the presence of Naveed Weldon, CEO and Co-Founder of FlexM. His exclusive attendance on August 29th provided a unique opportunity for visitors to engage directly with one of the key figures driving FlexM’s growth and innovation.

Naveed’s presence at the booth added a layer of significance to the day’s interactions. His insights and leadership have positioned FlexM as a key player in the global financial landscape, and his participation underscored FlexM’s commitment to leading the fintech industry. The conversations that took place were not only about products but also about the strategic direction and future of financial technology.

‍Day 3: A Grand Finale and Looking Ahead

The final day of the Global Fintech Fest 2024 was a culmination of the excitement and momentum built over the previous two days. Visitors continued to flock to Booth O23, eager to see firsthand how FlexM’s solutions could transform their businesses, making them the superheroes of their operations with our customized fintech solutions. The interest in FlexComply was particularly noteworthy, as more businesses recognized the value of AI in ensuring regulatory compliance.

As we wrap up our participation in this year’s fest, the FlexM team is filled with optimism and excitement for the future. The connections made, the ideas exchanged, and the innovations showcased are just the beginning of what promises to be an exciting journey ahead.

Join Us on the Path to Fintech Excellence

The FlexM team is overjoyed to have been at the booth, attending and interacting with different fintech industry experts. The connections made will be followed up, and we will stay in touch to help each one deliver their unique use case with our truly customizable all-in-one fintech solution. For those who couldn't make it to the event, we are available to guide you and help you find the best solution. Please click here for any future inquiries and to book a demo.

Thank you to everyone who visited us at the fest. Your enthusiasm and engagement are what drive us to keep pushing the boundaries of what’s possible in fintech. Together, let’s shape the future of financial technologies.

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We are delighted to share a milestone moment in FlexM’s journey—our role as a proud sponsor of this year’s Asia FinTech Awards 2024. This event is more than just an awards ceremony; it’s a celebration of the fintech community’s relentless drive to innovate, disrupt, and improve the way the world handles finance.

Starting from our roots in Singapore, FlexM has always been driven by a passion for innovation. Over the years, we have expanded our reach across the globe, building a reputation as a trusted leader in fintech. Sponsoring the Asia FinTech Awards was a natural extension of our commitment to fostering growth and recognizing excellence within the industry.

Honoring the Best: A Moment of Pride
One of the evening’s highlights was when our CEO and Co-founder, Naveed Weldon, took the stage to present the coveted Best FinTech of the Year 2024 award to Nium. It was an honor for us to be part of this significant moment in the fintech industry.

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Watch the Presentation (Click here for video) as Naveed Weldon presents the award, capturing the spirit of innovation that defines the Asia FinTech Awards.

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While our journey began in Singapore, our impact is global. FlexM’s participation in the Asia FinTech Awards is a reflection of our deep commitment to the fintech community, not just in Asia, but around the world. Last year, in 2023, we were honored to win the prestigious Asia FinTech Award, a testament to our innovation and leadership. This year, as sponsors, we proudly continue our journey from being recognized as the best to now supporting and fostering excellence across the global fintech landscape.

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At FlexM, we believe that innovation is best achieved through collaboration and community support. By sponsoring the Asia FinTech Awards, we had the opportunity to not only celebrate the successes of the industry but also to contribute to its ongoing evolution. We see these awards as more than just accolades—they are a platform to inspire, to challenge, and to drive the next wave of fintech breakthroughs.

Looking Ahead: Continuing the Journey of Innovation‍

In his remarks during the award presentation, Naveed Weldon reflected on the importance of perseverance and innovation in driving the fintech industry forward. He emphasized that the true power of fintech lies in its ability to solve real-world problems and improve the lives of people everywhere. This sponsorship marks another step in our journey from being recognized as the best to supporting and fostering excellence across the global fintech landscape.

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As we look back on this incredible experience, we are filled with pride and optimism for the future. FlexM is more committed than ever to leading the charge in fintech innovation. This sponsorship is just one of the many ways we are investing in the future of finance, and we can’t wait to see what the next year brings.

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Join us in shaping the future of fintech. Explore how FlexM’s cutting-edge solutions can help your business thrive in this ever-changing landscape.

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Here is a list of 11 women who have broken the bias surrounding females and risen to top positions in the industry. The list is in no way exhaustive because female leaders are pouring in from all over the world, making the fintech fraternity more credible and innovative with their brilliant contributions.

Starling is a digital-only bank based in the United Kingdom, founded by Anne Boden, a Welsh tech entrepreneur with a stellar history of leading financial giants like RBS and Allied Irish Bank. Starling Bank has become one of the best banks in the UK, with a customer base of more than 275,000 people. Anne Boden has been pivotal in raising over $70 million for the bank, which has resulted in massive success. She is an integral part of the fintech leader fraternity and has enormously contributed to shaping the future of fintech.

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Nubank is one of the most renowned digital banks in the world. Cristine Junqueira is one of the founders of this revolutionary Brazilian bank. Cristina Junqueira is Brazil’s second self-made woman billionaire who has been instrumental in building Brazil’s presence on the fintech world map, for which she is also called the “Wonder Woman of F”. 

Like all other countries, Brazil’s fintech landscape was male-dominated, making it impossible for women leaders to take the helm. However, Cristina Junqueira’s brilliant efforts have brought her much-deserved recognition for her contribution to the global fintech space.

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Kathryn Petralia is one of the leading women in the tech space. Forbes list of “Most Powerful Women”, saw Kathryn Petralia’s name in 98th place. She is one of the founders of Kabbage Inc., a digital platform providing automated loans to small businesses and consumers. Kabbage has provided more than $5 billion worth of loans to SMEs. The company was taken over by the fintech giant American Express in 2020.

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Lily Liu is one of the most renowned fintech leaders, who is currently the CEO of Piñata, the first and only company that has brought a gamified platform for rent-payers and landlords. Piñata rewards rent-payers for timely rent payments and offers customizable rent plans for landlords to streamline their rent channels. Being a tech entrepreneur, Lily Liu has a booming history of founding fintech startups.

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The founder of Airwallex, Lucy Yueting Liu has been pivotal in the company’s expansion in China. Headquartered in Melbourne, Australia, Airwallex is a software-as-a-service provider providing foreign exchange rate insights to small and medium businesses and digital payment services. Lucy Yueting Liu’s stellar history in financial services has brought her much recognition.

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FlexM’s Global Head of Compliance and Operations, Mehek Weldon, has been at the forefront of the company since 2020, taking the helm to navigate it to its success. She has recently been awarded the “Innovator of the Year” award by the International Compliance Association (ICA) held at the Oval, London, for her innovative brilliance in the compliance field of fintech. Mehek has been pivotal in maneuvering FlexM to reach greater heights and rapid expansion.

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Headquartered in the USA, Affirm is one of the leading Buy Now, Pay Later organizations. Silvija Martincevic is the Chief Commercial Officer of this fintech giant. She has been instrumental in propelling the company’s success by managing the commercial, partnership, and marketing strategy side of the business. Silvija Martincevic has had a long and rich career in high-ranking positions in the financial services sector.

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Fintech Circle is the first networking platform for fintech investors focused on angel investors that offers funding opportunities, advisory services, education, and a lot more. Susanne Chishti is the CEO of Fintech Circle, who has won several awards for best influencers, crypto experts, inspirational women, etc. She has co-edited “The FINTECH Book” a fintech bestseller, adding many similar feathers to her cap with her incredible contribution to the fintech industry.

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Listed among the 30 under 30 of Forbes Asia, Val Yap is the founder of PolicyPal, a fintech based in Singapore offering insurance-related services. Founded in 2016, PolicyPal has earned massive seed money from angel investors. PolicyPal has also been a part of Singapore’s Monetary Authority’s sandbox, which allows companies to test their functionalities, services, KPIs, etc., in controlled but live environments. Val Yap is one of the most successful fintech entrepreneurs in recent years.

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FlexM’s Vice-President of South East Asia based in Singapore, Valerie Pho, has been central to the growth of FlexM in the South East Asian market. Valerie holds immense expertise in several fields of fintech, like neo banks, digital wallets, e-payments, cross-border remittances, etc., for which she has been honored and recognized by international platforms. She has already won the ASEAN Fintech Women Leader award and recently received a nomination for the finalist for the “Director of the Year” category at the Asia Fintech Awards.

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To Conclude

The power of women in fintech has taken full swing as startups founded and led by women have grown in number and achieved higher positions. Many obstacles hinder the growth of women-led startups even in a futuristic industry like fintech, however, as we inch towards a more competitive landscape, it opens doors for more collaborations and participation, open spaces for innovation, and diverse ideas.

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The fintech industry has proven to set a spectacular example of industrial revolution and advancements. The industry is relatively new in the global economy, implying that it is still in its infancy and has a vast potential for progress. Other than the key developments that have taken place in the last few years, various insights have surfaced vis-à-vis gender disparity in the fintech fraternity.

Gender gaps have been a cause of concern in many areas of life. Fintech seems to be following the global trend of gender disparity which is prevalent in many other industries. Male domination in the fintech industry is because of reasons that have prevailed for many years. However, because fintech is in its developmental stage, there is immense scope for nipping the problem in the bud and bridging the opportunity gap between different genders.

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Females in Fintech

Female associations and participation in the fintech industry have seen remarkable growth in recent years. In 2010, for every 96 men in the founding teams of fintech, there were only 4 women. In 2020, the percentage increased to almost 30%. However, the number of female founders and leaders remains low even today. The percentage of women leaders in the fintech industry is around 10%, of which 6% are CEOs, and the rest include founders, CIOs, CTOs, etc.

Apart from leadership, the female percentage at the employee and workforce level in the fintech industry is only 30%, implying that other than representation, the mass is also prevalently male-dominated.

The fintech user fraternity tells a similar story. Because of various reasons behind the gender pay gap that is globally prevalent, women have a lower possibility of getting loans and credit. Within the unbanked and underbanked sector, the female gender holds the majority of being cut off and dissatisfied with financial services.

The female leadership progression is gradually surfacing alongside fintech’s growth. A study by IMF has revealed that big fintech firms, with a large workforce, have more women representation at a higher level than smaller companies. The same study also states that women-founded firms receive lower funding than male-founded companies. Countries in the West, Europe, and Asia report a higher percentage of female fintech leaders than African countries and the Middle-east.

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Barriers for Women in Fintech

There is a wide gap between female and male dominance and participation in the fintech industry. Although the gap is gradually lessening with time, however, it is essential to analyze the reasons that bar women from reaching the top in futuristic industries like fintech. Some of the barriers are:

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Low Digital Literacy

The female population has lower digital literacy than its counterparts because of reasons such as lower level and quality of education and unemployment.

Less Funding

Women-founded companies receive less funding compared to firms founded by men. The stigma involving women’s leadership plays a substantial role in influencing this subconscious bias in investors.

Lower Representation

The percentage of female leaders in the industry is remarkably low, suggesting a lesser representation at the top levels contributing to lower support and aid for females who would otherwise be leading and founding fintech firms.

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Social Responsibilities and Biases

An unnecessary bias overpowers decisions associated with women wrecking the support needed for growth. Apart from the bias women have been deemed prime caregivers by societal obligations, which hinders their potential growth and success.

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Reasons for Promoting Female Leadership

Diversity has proven beneficial for making informed and better decisions. Gender diversity helps in promoting better decision-making, problem-solving, and enhanced performance, and it also opens doors for innovation and idea generation. Women have been the underserved and under supported section of society, which gives them the leverage to understand the unmet needs and the underserved segment. Women leaders with years of experience bring expertise and knowledge and prompt idea generation. Female leaders who are new to the industry bring fresh perspectives to old problems, making them an integral part of the industry.

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Concluding Thoughts

The factors adding to the gender gap in leadership and participation in the fintech industry are constantly hindering the growth of women. People from all walks of life can take steps to bridge the gender gap and make the fintech industry more inclusive and powerful. The leadership in fintech companies can play a pivotal role in promoting women and an inclusive environment. Investors can choose to promote women founders by offering more opportunities and funding to female entrepreneurs.
One of the most essential steps in the progression of female leadership is networking and creating women-centric platforms and communities that help females collaborate and network. Women leaders, too, can help pave the way for new female leaders by offering mentorship. Hiring more women in the workforce would create a balanced environment that leaves no space for biases and allows peaceful coexistence of work and personal life. Ending the gender disparity would tremendously help in making the fintech industry more holistic, powerful, and inclusive.

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Financial technology is spreading its roots across the globe in different economic segments. Fintech has picked up a tremendous pace and is now snowballing with rapid intensity. The traditional financial industry comprises many subdivisions, like banking, payments, remittances, crowdfunding, investments, and many more. Its digitalized counterpart is rapidly catching up with all its augmentations.

One of the most promising segments of fintech is wealth management. Digital solutions for traditional and digital wealth management have picked up steam, in recent years. One of the wealth management services provided by companies nowadays is Robo advisory. Robo advisors are a fancy accession to traditional financial advisory services. 

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What are Robo Advisors?

Robo advisors are digital agents and platforms providing financial advisory services for investments. The advisory services are automated and based on algorithms that process information in real-time, to provide financial planning and asset management advisory services to users.

The Robo advisory industry started almost a decade back with basic automation that helped people with financial asset management. Today, the industry has grown immensely and has already helped manage funds worth more than a trillion dollars.

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How does Robo Advisory Work?

The automated advisory services are algorithm-based processes, feeding on information provided by the user and its resources. For availing of Robo advisory services, users first need to register and sign up on a platform that offers such services. For signing up, the user must feed in information about their investment portfolio, short and long-term goals, etc.

Once the user has signed up, the Robo Advisor starts processing information provided by the user to organize it into different categories. The platforms offering Robo Advisory services have several resources feeding them information about current trends, the news, and other factors influencing wealth management decisions. 

Robo advisors earn through the fees paid by users. Apart from the fee, the advisory functions also earn through marketing, the interest earned on investments, etc. Such earning streams make them lucrative service offerings for companies.

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Benefits of Robo Advisors

Robo advisory services have helped transform the wealth management industry. Investors have found an efficient way to attain knowledge and information about investments which has helped them understand financial markets and management at a deeper level. Some of the advantages of Robo advisors are:

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Lower Cost

Robo advisors cost lesser than traditional advisors. Human advisory services have been a part of the system for many years, which has given them critical leverage in helping investors. Robo advisors have proven to be a cheaper alternative to traditional advisory because of the differences in investment.

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Efficient System

Robo advisors have also proven more effective and efficient than traditional advisors because of their upfront services, non-influence of external factors, etc.

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No Bias

Robo advisory services have no biases because they automatically process information by algorithms and the information fed to them. No human bias influences the decision-making process from the Robo advisor’s side.

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Accessibility

Unlike human advisors, Robo advisors are based on the internet, making them easily accessible. Such accessibility allows longer windows and more convenience for users to avail of their services. 

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Versatile Functions

Robo advisory services provide immense customization and scalability to users. Such attributes render it more user-friendly.

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Constraints in Robo Advisory

Although Robo advisory services are a futuristic concept that is revolutionizing the wealth management industry however, it has some limitations because it is still lingering in its developmental phase. 

Robo advisory is not standardized across all platforms, countries, and companies. Such technological limitations make it difficult for users to make choices, leading to mistrust in the industry.

Unlike human interactions, Robo advisors follow a step-by-step system, which makes it difficult for users with large investment portfolios to explore them.

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Conclusion

Robo advisory started more than a decade back, and the services have finally become quite popular in recent years because of the financial knowledge, wealth management tips, and advice they offer. With the growth of fintech, several accessions within fintech have stumbled upon a new mountain of opportunities. People are now getting accustomed to technological advancements, empowering more trust in technology.

Employing a robo advisor is an important decision for an investor. Even though there have been many developments, people are still not comfortable with entrusting their personal and financial information with technology, like Robo advisors. An investor should spend time exploring the benefits, risks, motivations, etc., before making an affirmative decision.  

Wealth management is one of the most important streams in the financial sector. Leveraging technological capabilities to systematize the decision-making process is proving beneficial. The road for Robo advisors remains an ongoing learning process that promises the best use of technology.

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