Hugosave secures MPI licence from MAS
The company can now offer services exclusive for MPI licence holders.
Singapore-based all-in-one digital account Hugosave has been granted a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore.
With the licence, Hugosave can now offer a raft of facilities including account and e-money issuance, domestic, and cross-border money transfers.
Since its establishment in 2019, Hugosave has continued to grow. During the start of 2022 alone, accounts in Hugusave increased by 600%.
“Hugosave’s newly-conferred MPI licence is demonstrative of the confidence and affirmation placed in us from our financial regulator. What started out as a vision to democratise personal finance, has since transformed into a full-fledged wealth management and payments institution; and all without crippling fees and penalties from the incumbents,” David Fergusson, Hugosave’s co-founder and CEO said.
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