---
title: "Pine Payment Singapore Pte. Ltd. · Major Payment Institution (MAS) · Singapore | Elucidate"
description: "Pine Payment Singapore Pte. Ltd. is authorised by Monetary Authority of Singapore (MAS) as a major payment institution in Singapore. Register status, licences, activities and ownership."
url: https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0
---

1.  [Directory](https://elucidate.co/directory)
2.  [Singapore](https://elucidate.co/directory/country/sg)
3.  Pine Payment Singapore Pte. Ltd.

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.

Register status

Licensed in Singapore

Major Payment Institution · Monetary Authority of Singapore (MAS)

Prudential licence

[1 licence or registration ↓](https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0#licences)

BIC **No BIC** LEI **No LEI mapped** [Licence no. **Not published by the register**](https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0#licences)

## 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 Institution](https://elucidate.co/directory/register/mas-mpi) Monetary Authority of Singapore (MAS) | Major Payment InstitutionPayment Institution | Not published by the register | [Singapore](https://elucidate.co/directory/country/sg) | Active | — | — | - Money remittance - Payment services - Card acquiring | [Search the register ↗](https://eservices.mas.gov.sg/fid) |

-   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](https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0#overview-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 ↗](https://myfave.com/) [help.myfave.com ↗](https://help.myfave.com/hc/en-us) help centre, terms of use and privacy policy [favebiz.com ↗](https://www.favebiz.com/) merchant (FaveBiz) site, blog and press page [Wikipedia ↗](https://en.wikipedia.org/wiki/Pine_Labs) group article
- **Official social accounts:** [LinkedIn ↗](https://www.linkedin.com/company/favebypinelabs/) · [Facebook ↗](https://www.facebook.com/FaveSingapore) · [Instagram ↗](https://www.instagram.com/favesg/) · [YouTube ↗](https://www.youtube.com/channel/UCzLOJHjUR-e8nGITYcpvvcg)
- **Apps:** [App Store ↗](https://app.appsflyer.com/id1135179082?pid=LandingPage&c=Hero) · [Google Play ↗](https://app.appsflyer.com/com.kfit.fave?pid=LandingPage&c=Hero)

Sources · 9 pages consulted

1.  [eservices.mas.gov.sg/fid/institution/detail/422749-BEECONOMIC-SINGAPORE-PTE-LTD](https://eservices.mas.gov.sg/fid/institution/detail/422749-BEECONOMIC-SINGAPORE-PTE-LTD)
2.  [myfave.com/home](https://myfave.com/home)
3.  [myfave.com/sg/collections](https://myfave.com/sg/collections)
4.  [help.myfave.com/hc/en-us/articles/222840887-1-Introduction](https://help.myfave.com/hc/en-us/articles/222840887-1-Introduction)
5.  [help.myfave.com/hc/en-us/sections/205050988-Terms-of-Use](https://help.myfave.com/hc/en-us/sections/205050988-Terms-of-Use)
6.  [help.myfave.com/hc/en-us/articles/222840967-3-Fave-Account](https://help.myfave.com/hc/en-us/articles/222840967-3-Fave-Account)
7.  [pinelabs.com/media-analyst/fave-receives-in-principle-approval-for-mpi-licence-from-mas](https://www.pinelabs.com/media-analyst/fave-receives-in-principle-approval-for-mpi-licence-from-mas)
8.  [cdn.pinelabs.com/india/investors/pdf/offer-documents/Pine-Labs-Limited-RHP.pdf](https://cdn.pinelabs.com/india/investors/pdf/offer-documents/Pine-Labs-Limited-RHP.pdf)
9.  [en.wikipedia.org/wiki/Pine\_Labs](https://en.wikipedia.org/wiki/Pine_Labs)

## Authorisation

Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0#overview-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 ↗](https://eservices.mas.gov.sg/fid/institution/detail/422749-BEECONOMIC-SINGAPORE-PTE-LTD) |

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](https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0#overview-sources)

-   Merchant acquiring
-   Domestic payments
-   E-money wallet

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](https://elucidate.co/directory/pine-payment-singapore-pte-ltd-754f2a27a9b0#overview-sources)

1.  Jul 2024

    Licence

    MAS granted the firm, then Beeconomic Singapore Pte. Ltd., in-principle approval for a major payment institution licence.

    [pinelabs.com ↗](https://www.pinelabs.com/media-analyst/fave-receives-in-principle-approval-for-mpi-licence-from-mas)

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-money
- **Regulation:** Prudential licence
- **Main licence class:** Payment Institution
- **Activities:** - Money remittance - Payment services - Card acquiring
- **Licensed in:** [Singapore](https://elucidate.co/directory/country/sg) · 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.

## Related institutions

### Other payments & e-money institutions in Singapore

-   [Atlas Consolidated PTE. LTD. · trading as Hugo No BIC Payments & e-money Money service business Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · also on FINCEN-MSB · LEI 9845005BPECFKD4ED973](https://elucidate.co/directory/atlas-consolidated-pte-ltd-dd9bff35ebe7)
-   [Triple A Technologies PTE. LTD. · trading as TripleA No BIC Payments & e-money Crypto Money service business Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · also on FINCEN-MSB · LEI 984500DA4B5DE9599547](https://elucidate.co/directory/triple-a-technologies-pte-ltd-35777ab55bbd)
-   [Jst Digital Trading & Technology PTE. LTD. No BIC Payments & e-money Crypto Money service business Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · also on FINCEN-MSB · LEI 254900VFSNIDSSI4MR30](https://elucidate.co/directory/jst-digital-trading-and-technology-pte-ltd-0b04a7881932)
-   [Paxos Global PTE. LTD. No BIC Payments & e-money Crypto Money service business Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · also on FINTRAC-MSB · LEI 254900HKUGCSEE1Z8626](https://elucidate.co/directory/paxos-global-pte-ltd-f0e62912b4de)
-   [Ripple Markets Apac PTE. LTD. No BIC Payments & e-money Crypto Money service business Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · also on FINCEN-MSB · LEI 98450060F9F56F87ED90](https://elucidate.co/directory/ripple-markets-apac-pte-ltd-05ecaf0d5a45)
-   [Stonex Financial Pte. Ltd. BIC IGLUSGSG Payments & e-money Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · LEI 984500C5005644B14P13](https://elucidate.co/directory/stonex-financial-pte-ltd-iglusgsg)
-   [Xrex PTE. LTD. No BIC Payments & e-money Crypto Money service business Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · also on FINCEN-MSB · LEI 2549000QE6HHWJLNL230](https://elucidate.co/directory/xrex-pte-ltd-da7af7b2e1b7)
-   [2C2P Pte. Ltd. No BIC Payments & e-money Prudential licence Singapore · Licensed by Monetary Authority of Singapore (MAS) (MAS-MPI) · No LEI mapped](https://elucidate.co/directory/2c2p-pte-ltd-4eb1a068b1fb)

[See all →](https://elucidate.co/directory/search?type=payments&cc=SG) [Other entries on MAS-MPI →](https://elucidate.co/directory/register/mas-mpi)

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 →](https://elucidate.co/directory/methodology)

Register for this page

-   **MAS Financial Institutions Directory - Major Payment Institution**—Monetary Authority of Singapore (MAS) · [source ↗](https://eservices.mas.gov.sg/fid) 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)](https://elucidate.co/ratings) is an independent score of the financial crime risk of banks and payment institutions.

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Licence and registration data are drawn from the public registers of the regulators named on each page and shown for information only; the official register is always the authority. LEIs and ownership are from GLEIF. Directory and gpi data are drawn from SWIFT's public sources. SWIFT, Swift gpi and UETR are trademarks of S.W.I.F.T. SC, Avenue Adèle 1, 1310 La Hulpe, Belgium. Elucidate is not affiliated with, endorsed by or sponsored by SWIFT or any regulator named here. Elucidate does not provide payment or other financial services.