Singapore · Payments & e-money
Flexm Pte. Ltd.
FlexM Pte. Ltd. is a private limited company incorporated in Singapore. The Monetary Authority of Singapore (MAS) licenses it as a Major Payment Institution under the Payment Services Act 2019. The licence covers account issuance, e-money issuance, domestic money transfer, cross-border money transfer and merchant acquisition. The firm describes itself as a Fintech-as-a-Service platform that lets banks, money service businesses, start-ups and marketplaces launch their own branded wallets, payment, remittance and compliance products. Its founder and chairman Rune Nilsson and co-founder and CEO Naveed Weldon are among its main shareholders. Torkey Times Technology Pte Ltd joined them through a strategic investment announced in 2025.
Licences and registrations
Held by Flexm Pte. Ltd. (LEI 9845003794BN47F4EX12). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| MAS Financial Institutions Directory - Major Payment InstitutionMonetary Authority of Singapore (MAS)Linked by LEI. Matched by Elucidate to GLEIF on name, country and address. | Major Payment InstitutionPayment Institution | Not published by the register | Singapore | Active | — | — |
|
Search the register ↗ |
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- FLPESGS2XXX head office
- Connection to Swift
- Reverse billingThe institution is connected to Swift. Messages sent to it are billed to the institution, not to the sender. The “2” in the eighth character of FLPESGS2 marks reverse billing.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- No entry in the EPC registers, the ECB T2 and TIPS lists or the SIX Bank Master cites this BIC
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2026-07-04
- Last updated
- 2026-07-04
Overview
Researched 29 Sep 2026 · Sources
Employees
Not published
Ownership
Venture-backed
Firm type
Banking as a service
Trades as FlexM
- Ownership
- According to the firm's 2025 announcements, founder and chairman Rune Nilsson, co-founder and CEO Naveed Weldon and Torkey Times Technology Pte Ltd with its founders are its top three shareholders. No percentages are published.
- Head office
- 2 Central Boulevard, #10-02A, IOI Central Boulevard Towers, 018916 Singapore, Singapore
- Company register
- ACRA UEN 201207298R
- Founders
- Rune Nilsson · Naveed Weldon
Online
- Websites & references
- flexm.com ↗
flexcomply.flexm.com ↗ FlexComply compliance product site - Official social accounts
- LinkedIn ↗ · X ↗ · Facebook ↗ · Instagram ↗ · YouTube ↗
Sources · 9 pages consulted
- eservices.mas.gov.sg/fid/institution/detail/427229-FLEXM-PTE-LTD
- flexm.com/
- flexm.com/policies-and-terms-conditions
- flexm.com/about-us
- fintechnews.sg/108980/payments/flexm-singapore-license/
- accessnewswire.com/newsroom/en/business-and-professional-services/flexm-secures-major-payment-institution-mp
- finance.yahoo.com/news/flexm-awarded-principle-approval-major-185500095.html
- prnewswire.com/news-releases/flexm-secures-strategic-investment-from-chinas-e-comm-leader-torkey-times-t
- accessnewswire.com/newsroom/en/computers-technology-and-internet/flexm-secures-strategic-investment-from-chi
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
MAS licenses the firm as a Major Payment Institution under the Payment Services Act 2019 for account issuance, e-money issuance, domestic and cross-border money transfer and merchant acquisition. It previously operated under a transitional exemption granted in 2020, received in-principle approval in 2024 and was granted the licence in March 2025.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Monetary Authority of Singapore Singapore | Major Payment Institution (account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance services) | — | In its own name | Active | eservices.mas.gov.sg ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsThe firm states that it holds relevant customer money in a trust account in Singapore, as Section 23 of the Payment Services Act 2019 requires, and that these funds may be commingled with other users' money.
- Payment schemes and card networks
- SGQR Access not stated flexm.com ↗
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
The firm sells white-label wallet, payment, merchant acquiring and remittance platforms and the FlexComply compliance software to businesses. Under its MAS licence it also provides e-wallet accounts, QR payments, domestic transfers and cross-border transfers to registered end users in Singapore.
Its payment services licence covers Singapore, and its end-user terms require a Singapore phone number and residential address. The wider FlexM group has entities in Canada, the United States, the Philippines, India, Bangladesh and Norway.
- Sells to
- Financial institutions · Platforms and marketplaces · Small businesses · Enterprises · Consumers
- Serves customers in
- Singapore
- Latest funding round
- strategic investment Oct 2025Led by Torkey Times Technology Pte Ltd
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
-
Naveed Weldon
CEO and Co-Founder
- Chair
-
Rune Nilsson
Executive Chairman & Founder
- Executive
-
Mehek Weldon
Chief Operating Officer
- Executive
-
Valerie Pho
Chief Commercial Officer
- Executive
-
Yang Hanping
Vice President, Asia
Recent events
Researched 29 Sep 2026 · Sources
-
Funding
FlexM announced a strategic investment of undisclosed size from Torkey Times Technology Pte Ltd, whose founders joined its top three shareholders.
prnewswire.com ↗ -
Funding
FlexM first announced a strategic partnership and investment from Torkey Times Technology Pte Ltd.
accessnewswire.com ↗ -
Licence
MAS granted the firm a Major Payment Institution licence, which extended its regulated services to cross-border money transfer.
fintechnews.sg ↗ -
Licence
MAS granted the firm in-principle approval for a Major Payment Institution licence.
finance.yahoo.com ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- FLPESGS2XXX
- How the BIC breaks down
- FLPEBank
- SGCountry · Singapore
- S2Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 9845003794BN47F4EX12
- LEI record
- View on GLEIF ↗
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate to GLEIF on name, country and address.
- Register-entry ID
- cd715aa38dd4
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Money remittance
- Payment services
- Card acquiring
- E-money / stored value
- Licensed in
- Singapore
- Country · region
- Singapore · East Asia & Pacific
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Addresses
- Registered address
- IOI CENTRAL BOULEVARD TOWERS WEST TOWER FLOOR 10-02A 2 CENTRAL BOULEVARD SINGAPORE 018916 SINGAPORE
- Operational address
- IOI CENTRAL BOULEVARD TOWERS WEST TOWER FLOOR 10-02A 2 CENTRAL BOULEVARD SINGAPORE SINGAPORE 018916 SINGAPORE
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>FLPESGS2XXX</BICFI>
<LEI>9845003794BN47F4EX12</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>FLPESGS2XXX</BICFI>
<LEI>9845003794BN47F4EX12</LEI>
<Nm>FLEXM PTE. LTD.</Nm>
<PstlAdr>
<TwnNm>SINGAPORE</TwnNm>
<Ctry>SG</Ctry>
<AdrLine>IOI CENTRAL BOULEVARD TOWERS WEST TOWER FLOOR 10-02A 2 CENTRAL</AdrLine>
<AdrLine>BOULEVARD SINGAPORE 018916</AdrLine>
</PstlAdr>
</FinInstnId>The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
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Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- MAS Financial Institutions Directory - Major Payment Institution—Monetary Authority of Singapore (MAS) · register ↗ as at 25 September 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
- Images—logos and photos from Wikimedia Commons (credited with their author and licence) or from the institution's own website, where Wikimedia has none. Elucidate keeps a copy of each; the links lead to the source and the original image. Logo: flexm.com (official website) · original; Naveed Weldon: flexm.com (official website) · original; Rune Nilsson: flexm.com (official website) · original; Mehek Weldon: flexm.com (official website) · original; Valerie Pho: flexm.com (official website) · original; Yang Hanping: flexm.com (official website) · original.
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