Singapore · Payments & e-money
Pine Payment Singapore Pte. Ltd.
Pine Payment Singapore Pte. Ltd., formerly Beeconomic Singapore Pte. Ltd., is a Singapore private limited company that runs the Fave payments and rewards app in Singapore. The Monetary Authority of Singapore (MAS) licenses it as a major payment institution for account issuance, domestic money transfer and merchant acquisition services. It is part of the Pine Labs group of India, which acquired the Fave business in 2021. It offers merchants QR and point-of-sale payment acceptance with loyalty and marketing tools, and offers consumers FavePay payments, deals, eCards and gift cards.
Licences and registrations
Held by Pine Payment Singapore Pte. Ltd.. 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) | Major Payment InstitutionPayment Institution | Not published by the register | Singapore | Active | — | — |
|
Search the register ↗ |
- 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.
Swift network
Swift’s ISO 9362 BIC directory
Holds no BIC in Swift’s directory. No LEI is matched to this entry, and BICs are linked by LEI only.
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Employees
Not published
Ownership
Group subsidiary
Firm type
Merchant acquiring and processing
Trades as Fave
- Standing
- The firm was formerly named Beeconomic Singapore Pte. Ltd. Pine Labs' offering documents of October 2025 still used that name, and the MAS directory showed the new name by August 2026. The exact date of the name change was not found in the sources reviewed.
- Ownership
- Pine Labs Limited of India names the firm, under its former name Beeconomic Singapore Pte. Ltd., as a material subsidiary in its 2025 offering documents. The intermediate holding chain is not stated in the sources reviewed.
- Ultimate owner
- Pine Labs Limited, India
- Head office
- One Temasek Avenue, Millenia Tower #14-04, 039192 Singapore, Singapore (registered office: 3 Coleman Street, #03-24 Peninsula Shopping Complex, Singapore 179804)
- Company register
- ACRA UEN 201002456D
- Incorporated
- 2010
- Former name
- Beeconomic Singapore Pte. Ltd.
Online
- Websites & references
- myfave.com ↗
help.myfave.com ↗ help centre, terms of use and privacy policy
favebiz.com ↗ merchant (FaveBiz) site, blog and press page
Wikipedia ↗ group article - Official social accounts
- LinkedIn ↗ · Facebook ↗ · Instagram ↗ · YouTube ↗
- Apps
- App Store ↗ · Google Play ↗
Sources · 9 pages consulted
- eservices.mas.gov.sg/fid/institution/detail/422749-BEECONOMIC-SINGAPORE-PTE-LTD
- myfave.com/home
- myfave.com/sg/collections
- help.myfave.com/hc/en-us/articles/222840887-1-Introduction
- help.myfave.com/hc/en-us/sections/205050988-Terms-of-Use
- help.myfave.com/hc/en-us/articles/222840967-3-Fave-Account
- pinelabs.com/media-analyst/fave-receives-in-principle-approval-for-mpi-licence-from-mas
- cdn.pinelabs.com/india/investors/pdf/offer-documents/Pine-Labs-Limited-RHP.pdf
- en.wikipedia.org/wiki/Pine_Labs
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. The licence covers account issuance, domestic money transfer and merchant acquisition services. MAS announced in-principle approval in July 2024, and the licence appears as active in the MAS Financial Institutions Directory.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Monetary Authority of Singapore Singapore | Major Payment Institution (account issuance, domestic money transfer and merchant acquisition 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.
Products and markets
Researched 29 Sep 2026 · Sources
It runs FavePay QR payments with merchant cashback, Fave Deals, prepaid Fave eCards, gift cards, stamp cards and FavePass, and offers merchants payment, loyalty and advertising services.
The firm serves customers in Singapore under its MAS licence. The Fave brand operates in Malaysia through the sister company Fave Asia Technologies Sdn Bhd.
- Sells to
- Consumers · Small businesses · Enterprises
- Serves customers in
- Singapore
Recent events
Researched 29 Sep 2026 · Sources
-
Licence
MAS granted the firm, then Beeconomic Singapore Pte. Ltd., in-principle approval for a major payment institution licence.
pinelabs.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
- BIC
- Holds no BIC in Swift’s directory
- LEI
- No LEI mapped
- Elucidate firm ID
- 754f2a27a9b0
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.
- Main licence class
- Payment Institution
- Activities
- Money remittance
- Payment services
- Card acquiring
- Licensed in
- Singapore · East Asia & Pacific
- First registered
- Not published
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
No LEI is matched to this entry, so GLEIF relationship records cannot be linked.
Addresses
- Address on the register
- 3 COLEMAN STREET, #03-24 PENINSULA SHOPPING COMPLEX 179804, Singapore, 179804
- Country
- Singapore
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
This institution holds no BIC. A CBPR+ message identifies it by name and postal address, and may add its LEI or a clearing code.
- Identified by
- Name and postal address. No LEI or clearing code is mapped in the directory
- Postal address
- Does not fit the CBPR+ limits
- The address does not fit in the two address lines of 35 characters that CBPR+ allows next to a town and country.
CBPR+ identifies the instructing and instructed agents by BIC only. An institution without a BIC can be the debtor, creditor or an intermediary agent.
The values are as published by the register. Check them against your own records before use.
Sources & method
Register entries come from the public registers of financial regulators, standardised into one taxonomy. LEIs are matched through GLEIF, and a BIC is linked only through a shared LEI.
An institution missing from these registers is not necessarily unregulated.
Register entries are not matched against the OFAC or EU sanctions lists. Where the legal entity also holds a BIC, the matches for that BIC are on its page. Always screen against the official lists.
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 →Register for this page
- MAS Financial Institutions Directory - Major Payment Institution—Monetary Authority of Singapore (MAS) · source ↗ 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.
Assess the financial crime risk behind a licence
A licence records what an institution is authorised to do; it does not assess it. The Elucidate FinCrime Index (EFI) is an independent score of the financial crime risk of banks and payment institutions.
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