News | June 18, 2021
Opal is pleased to announce that we are now a registered FinTech company in Singapore that is certified by Singapore FinTech Association (SFA) as a payments provider.
This SFA FinTech Certificate is a certification for Singapore-registered companies to be certified as a “FinTech” under SFA. It is also recognized by the Monetary Authority of Singapore (MAS).
Our certification is awarded based on the 2 Fintech solutions pillars we offer to SMEs and financial institutions. Firstly, we provide SMEs with a unified account offering various financial business solutions – payments, financing, multi-currency wallets. Secondly, through our BaaS system, we actively embed financial services to digital platforms to empower them with greater financial capabilities.
With the 2 pillars, we offer the following:
- Ability to conduct payment and financial transactions
- Core banking system
- Payments rails
- Multi-currency storage/wallets and sub-wallets
- Periodic reporting
- FX management/conversion engine
- KYB/KYC screening and management
- Ongoing surveillance and transaction monitoring
- Reconciliation and reporting
- Allows visibility of money flows related to transactions conducted by users on the platform
- Democratize access to financial service providers
- Continuous monitoring of transactions and maintenance of necessary risk following the standards required by regulatory bodies i.e. MAS.
As a certified member, Opal looks forward to make active contributions by providing our financial solutions to relevant members and stakeholders and empowering innovation throughout the FinTech industry.