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. 

SFA certification - Opal Fintech
SFA certification – Opal Fintech