UK fintech firm 3S Money to apply for Singapore payment license

Photo credit: 123rf

UK-based 3S Money, a cross-border fintech company, is applying for a payments license from the Monetary Authority of Singapore as part of efforts to expand its offerings in Asia.

Founded in 2018, 3S Money aims to bridge the cross-border payments gap for SMEs, which the company believes have been largely underserved by traditional banks.

The firm helps its clients scale globally by offering business accounts with local details in markets like the EU, UK, and US. This allows for faster payments and smaller fees, according to 3S Money.

In an interview with Tech in Asia, co-founder Ivan Zhiznevsky said traditional banks generally prioritize domestic over international payments as well as multi-billion corporations over smaller businesses.

“That’s where we come into play. We identified that niche for ourselves when the business is not big enough for a big bank to take it over,” he said.

Zhiznevsky shared that 3S Money has been adding about 300 SME clients monthly and is already profitable, though he did not disclose further details.

The firm is setting up an office in Singapore to serve as its Asia-Pacific hub. It has identified Malaysia, Indonesia, Thailand, and Vietnam in Southeast Asia, as well as Hong Kong, China, and Japan in East Asia as “potential markets for future growth.”

The company is confident that it would acquire a license in Singapore within the next 12 months.

In October 2022, 3S Money launched in the Middle East after obtaining a license from the Dubai Financial Services Authority. It also has offices in London, Amsterdam, Luxembourg, and Riga.

With its entry into Asia, the company is poised to go up against players like Revolut and Wise – two London-based firms that have set up their regional bases in Singapore.

Andrew Ong will lead 3S Money’s team in Asia. He used to serve as group head for global peer-to-peer at MasterCard and regional managing director for Asia Pacific at Flywire, which in January secured its own license to offer cross-border money transfer services in Singapore.

To date, 3S Money has raised 8 million pounds (around US$10.4 million) in external funding. It aims to go public within the next 24 months.

See also: SG digibank GXS trails Trust in adoption as deposit cap hampers growth