In an exclusive Q&A, we sit down with Rune Nilsson, the Norwegian founder and Executive Chairman of FlexM, a member of NBAS, to discuss how he is building a global fintech company from Singapore with a bold ambition to become a unicorn within the next three years. This follows FlexM’s recent achievement in securing the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company already has the same license for Canada, and will apply for Hong Kong, Australia and Dubai during this year.
FlexM, founded by Rune Nilsson in 2015, has rapidly become a key player in the fintech space, helping businesses around the world launch their own branded financial services. Described as the “LEGO of fintech,” FlexM’s platform allows companies to create, launch, and scale financial solutions in a flexible and cost-effective way. With over 400 clients across Asia, Europe, and North America, FlexM is leading the charge in fintech innovation.
Securing the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) marks a significant milestone for FlexM, making it the first Norwegian-led company to achieve this. This achievement not only paves the way for expanding regulated services, including cross-border money transfers, but also strengthens FlexM’s position as a global leader in both fintech and regtech.
In an insightful Q&A, Rune offers a closer look at FlexM’s journey—from its early vision to simplify cross-border remittances for foreign workers to building a next-generation fintech platform. He also shares what the MPI license means for the company, discusses how FlexComply is addressing global compliance challenges, and outlines the company’s ambition to reach unicorn status within the next three years.
Q&A with Rune Nilsson
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GROWTH MILESTONES
Q: Congratulations on securing the MPI license. What does this milestone mean for FlexM’s future?
A: Securing the MPI license from the Monetary Authority of Singapore is a transformative milestone for FlexM.
It positions us uniquely as a hybrid fintech-bank, allowing us to provide comprehensive financial services similar to digital banks, without the substantial capital reserves typically required by traditional banks.
Our strategic partnership with DBS Bank ensures robust security for all our financial flows. With FlexPayBiz, we now offer Virtual Accounts (VAs) with full IBAN/SWIFT capabilities, enabling seamless global transactions at competitive rates, comparable to industry leaders such as Wise and Revolut.
In the next 3–6 months, we’ll further enhance our platform with advanced blockchain and AI integrations, following our successful B2B SaaS strategy. We anticipate significant revenue growth as we onboard numerous of new clients starting June 2025.
Q: FlexM has grown quickly since its founding in 2015. What do you consider some of the key turning points for the company?
A: FlexM’s journey began in Singapore in 2015 with a vision to simplify cross-border remittances for foreign workers. Initially, we operated as a program manager relying on external technology, which faced considerable challenges, particularly in user acceptance and stability. Recognizing these hurdles as valuable learning experiences, we pivoted decisively in 2018 towards building our proprietary fintech infrastructure. Partnering with Naveed Weldon (pictured below), our Co-founder and CEO, formerly from Standard Chartered Bank, was a pivotal decision.
In 2020, launching FlexBank with our first major client, the Asian Development Bank, marked a significant turning point. Owning 100% of our intellectual property and having an exceptional tech team in India allowed us to rapidly scale globally, providing our clients with innovative, reliable, and cost-efficient fintech solutions.
GLOBAL IMPACT
Q: As the first Norwegian-led company to secure an MPI license in Singapore, how do you see FlexM strengthening ties between Norway and Asia’s fintech industries?
A: Securing the MPI license represents a significant bridge between Norway and Asia’s fintech ecosystems. Both regions excel in banking innovation and digital transformation, yet substantial opportunities remain untapped—particularly in cross-border payments.
FlexM is strategically positioned to enhance these ties by pioneering next-generation payment corridors leveraging blockchain technology, Web3, and AI-driven compliance solutions. As we launch our FlexComply solution in March 2024, with great success in SEA marked, we anticipate significant collaboration opportunities with financial institutions in Norway, the Nordics, and broader Europe, facilitating faster, more secure, and cost-effective financial transactions.
PRODUCT & INNOVATION
Q: FlexComply is a key product for you in 2025. What gap does it fill in the fintech world?
A: Financial institutions globally face significant challenges related to manual, labor-intensive and the new global restrictions from all financial supervisory authority (MAS) regarding to AML (anti money laundering), compliance and KYC (know your client) processes. FlexComply addresses this critical gap through cutting-edge technology and AI-driven automation, significantly reducing human intervention and providing real-time monitoring of transactions. Our solution addresses stringent global regulatory requirements, effectively combating money laundering and enhancing overall transparency, and saves our customers very large costs.
Since its launch, FlexComply has successfully onboarded clients in key markets including Singapore, the Philippines, India, Dubai, Kenya, Canada, and the United States.
New strategic industrial partnership and investor from China:
We have finished and secured our Pre A round in May, and we will publish news later this week. A strategic industrial partnership with a giant Chinese corporation based in QuanZhou/Hong Kong. The company have Government support to grow rapidly in the Cross Border Payment segment and will use FlexM rails for global expansion. This will give us big daily transactions volume and will increase our turnover dramatically in the coming years.
LOOKING AHEAD
Q: What are the main goals for FlexM in the next few years?
A: Our primary goal is to further innovate and lead in developing next-generation payment solutions. By integrating blockchain technology, Web3, and AI with our existing neo-banking infrastructure, we aim to significantly enhance transaction speeds, volumes, security, and cost efficiency.
Ultimately, our ambition is clear: to establish FlexM as a global fintech unicorn within the next three years, solidifying our reputation as an industry leader in secure, efficient, and transformative financial technology.
FlexM will participate in the Singapore Fintech Festival 2025 which will be held from 12 to 15 November. For more information, visit www.flexm.com.
GET IN TOUCH
If you’d like to reach out, feel free to contact FlexM through their contact page here.
We are excited to watch FlexM’s journey unfold over the next few years as they continue to innovate and lead in the fintech space.
#SG60xNorway120 feature
This article is part of the #SG60xNorway120 campaign by the Royal Norwegian Embassy in Singapore, celebrating the countries’ shared anniversaries of independence – Singapore 60 years and Norway 120. It features FlexM as an example of Norwegian innovation making its mark within Singapore’s fintech scene.