Sleek secures Singapore payments license

Sleek, a tech startup that offers incorporation and accounting services to investors, SMEs, and business owners, said today that the Monetary Authority of Singapore has given it a Major Payment Institution License, which has taken effect last July 1, 2022.

Sleek is the first Fintech business in Singapore to get an MPI license and offers incorporation and accounting services. The license enables Sleek to offer cross-border transfers, account issuance, and e-money issuing to an even larger set of its SME clients as part of its Sleek Business Account package of services.

Julien Labruyere, CEO, and Co-founder at Sleek said this MPI license is a “testament to the trust” of their customers, investors, and partners in their financial security standards and compliance levels.

“We intend to make good use of the license and continue supporting the underserved market segment of early-stage entrepreneurs with simple and fully digital fintech services, whilst growing our overseas markets from our base in Singapore,” Labruyere added.

The Sleek Business Account is one of the comprehensive range of business-critical services that Sleek provides to make it easier for business owners to manage back-office administrative responsibilities so they can concentrate on expanding their enterprises.

These services include the incorporation of businesses, accounting, tax preparation, corporate secretarial support, CFO-as-a-Service, and, most recently, the issuance of business debit cards and accounts as well as domestic and international payments and collections.

Pauline Sim, Head of Fintech & Partnerships at Sleek, said they are excited to continue to delivering “best-in-class, end-to-end business account solutions for entrepreneurs.”

Sim added they are looking forward to enhancing their business account offering with multi-currency accounts, better cross-border transfers experience, and more debit card enablement”.

Sleek, an MPI holder, strives to maintain its strict compliance and security standards as it expands its market share in the geographies it serves. The company plans to introduce comparable offerings in its UK and Australia companies later this year in an effort to build on the success of its business account offering.