Named Singapore accounts, and PayNow, FAST and MEPS collection and payout. Finmo moves the SGD. Phase 1 is B2B fiat flows, with individual accounts and person to person to follow.
Finmo runs the regulated SGD leg for Due's Business clients: local collection and payout. Finmo moves SGD only. Every business you bring is onboarded into Finmo, so our banking partner sees each party. We start with B2B fiat flows in SGD; individual accounts and person to person follow in a second phase.
Named SGD accounts collecting via PayNow (including QR), FAST and bank transfer, one account per onboarded business.
Collected SGD is safeguarded and ledgered to the business it belongs to.
Pay out in SGD over FAST, PayNow and MEPS to any Singapore account, from your SGD liquidity, with reference data and reconciliation files.
The requirements you set out on 9 July, matched to what Finmo delivers on the Singapore rail. Phase 1 covers B2B fiat flows; items marked Phase 2 follow once individual accounts and person to person are enabled.
✓ Each onboarded business gets its own named SGD account with unique local details. Individual customer accounts come in Phase 2.
✓ Disburse SGD to any Singapore bank account or PayNow proxy in real time. The payout leg goes out in Finmo's name as licensed principal, attributed to the user in the ledger.
✓ Both supported. Because each underlying party is onboarded into Finmo, our banking partner sees every party in a third-party flow.
✓ We start with business flows. Person to person (C2C) comes in Phase 2, with enhanced due diligence applied automatically.
✓ All three Singapore rails, including PayNow QR for checkout collection and FAST for instant payout under the S$200k threshold.
✓ No local-entity requirement for SGD. Onboard SG-based and international businesses alike, subject to standard KYB. Individual accounts follow in Phase 2.
A single platform that gives Due local Singapore reach, real-time control of funds, and the reporting to reconcile every user - without stitching together bilateral bank relationships yourself.
One integration reaches Singapore's local rails and 200+ payout countries, so Due can extend the same pattern beyond SGD when you are ready.
Hold SGD as long as you need, use collected balances to fund payouts, and move funds between wallets in real time.
Every business balance and transaction is ledgered and reportable, the source of truth you reconcile against your own books.
Named VAs, checkout links and payout APIs are primitives you compose into your own product, white-labelled to Due.
Your individual users are consumers. For your business clients, here is what we onboard on the Singapore rail, and what sits outside the banking partner's appetite. You already run KYB on your book; we collect KYB documents over a secure channel.
This mirrors your own acceptable-use policy. If you are unsure about a client, send it over and we will confirm quickly.
Due keeps the customer relationship and the USDC product. Finmo runs the regulated SGD leg underneath: collection and payout only. The one design choice that makes it compliant is that your underlying clients are onboarded into Finmo, so nothing is hidden from our banking partner.
Due is onboarded (KYB). Your businesses are onboarded into Finmo too, lightly, by relying on the KYC you already perform under a written arrangement.
An onboarded business gets a named SGD account. Funds collected via local rails are safeguarded and ledgered to that business.
Finmo pays SGD out over FAST, PayNow and MEPS, in Finmo's name as licensed principal. The same DBS connector also pays out in USD, EUR, AUD, GBP, JPY, NZD, HKD, CAD and more, so multiple fiat payouts run on one integration.
Reliance on your existing KYC means onboarding thousands of users is light on both sides, while keeping every party visible and screened - the structure our Singapore banking partner approves.
Finmo moves SGD for Due's business clients. The table shows what we support to begin with and what comes later. The two Phase 1 flows are detailed below; Phase 2 items are grouped at the end.
| Flow | What Finmo does | Status |
|---|---|---|
| Business collection | SGD collection into a business's named account | Supported · Phase 1 |
| Business payments | SGD payout to a beneficiary (supplier or Group entity) | Supported · Phase 1 |
| Freelancer collection | SGD into an individual freelancer's named account | Phase 2 |
| Remittance (person to person) | SGD payout to a person's own or family account | Phase 2 |
| Fiat to crypto on/off ramp | Converting between SGD and USDC on the rail | Not supported |
Everything Due needs to collect and pay out SGD locally, with the constraints that matter called out honestly.
| Rail | Direction | Use | Notes |
|---|---|---|---|
| PayNow | Collect & pay out | Proxy (mobile / UEN / NRIC) & QR checkout | Instant; used for business collection |
| FAST | Collect & pay out | Instant local transfer | Per-transaction threshold S$200k |
| MEPS+ (RTGS) | Pay out | High-value local payout | For amounts at or above S$200k |
| Bank transfer | Collect | Standard credit into named VA | Reconciled by VA / reference |
| GIRO | Pay out | Batch local credit | Available on the roadmap |
Terminal payouts go out in Finmo's name, as the licensed disbursing principal, with per-user ledger attribution and travel-rule data underneath.
REST, JSON, webhook-driven. The primitives below compose into every flow above.
| Method | Endpoint | Purpose |
|---|---|---|
| POST | /v1/virtual-account | Issue a named SGD VA for a user or business |
| POST | /v1/checkout | Create a PayNow QR checkout session |
| GET | /v1/account/balance | Wallet balance per user / master |
| POST | /v1/transfer | Pay out over FAST / PayNow / MEPS |
| GET | /v1/transactions | Ledger & reconciliation feed |
| POST | /v1/webhook/events | Subscribe to payin / payout events |
| Event | Trigger |
|---|---|
| payin.completed | SGD received and confirmed in a VA |
| payout.settled | SGD payout settled to a beneficiary |
| payout.failed | Payout could not be completed |
| refund.completed | FAST / PayNow refund returned |
| kyc.approved | User onboarding check passed |
| wallet.updated | Balance change on a user or master wallet |
Signed with HMAC-SHA256 via the X-Finmo-Signature header. Reconciliation files (CAMT.053) available for treasury matching.
Today the focus is SGD. When Due wants to grow the model, the same wallet becomes a Global Currency Account across multiple currencies with no SWIFT fees on intra-Finmo legs.
| Capability | Detail |
|---|---|
| Hold duration | Hold SGD in local currency for as long as you need |
| Self-funding | Use collected pay-in balances directly to fund payouts |
| Multi-currency payout | Through DBS, pay out in USD, EUR, AUD, GBP, JPY, NZD, HKD, CAD, CNH and more, on the same connector |
| Fiat only | Finmo moves fiat only; there is no fiat to crypto conversion on the rail |
Transaction-level view against each account and wallet, the source of truth you reconcile against your own books.
Real-time SGD balances at user and master level, with multi-currency positions as you expand.
CSV / PDF exports and CAMT.053 reconciliation files, plus a transactions API for automated matching.
Three steps to move from this proposal to live SGD flows. We will confirm the virtual-account model for your user base, put the reliance arrangement in place so onboarding stays light, and line up sandbox access.
Align on named-VA-per-user, onboarding via reliance, and payout naming.
Wire up VA issuance, PayNow collection and payout against test keys.
docs.finmo.net for the full API and webhook reference.
This proposal describes intended capabilities on the Singapore SGD rail and is subject to onboarding, compliance approval and final documentation. Finmo acts as counterparty to the value-transfer leg only, not to Due's commercial or crypto transactions with its users. Not a legal or contractual commitment.