Named Singapore virtual accounts, PayNow, FAST and MEPS collection and payout, and a compliant onboarding model for your businesses and individual users. One API for the SGD that feeds your USDC on-ramp and the SGD that stays local.
Finmo runs the regulated SGD leg for Due. Your users pay in over local Singapore rails into named virtual accounts, and the money lands in your Finmo SGD wallet. When a user is topping up to buy USDC, you sweep and rebalance with your liquidity providers. When the flow is a straight SGD collection or payout, it stays in SGD from start to finish. Either way, every underlying client is onboarded into Finmo, so our banking partner sees each party and the setup is compliant from day one.
Named SGD virtual accounts collecting via PayNow (including QR), FAST and bank transfer - a unique account detail you can hand to each user.
Collected SGD is safeguarded and ledgered to the right user. When it feeds your on-ramp you sweep to your master wallet and rebalance to USDC with StraitsX or Zodia off Finmo's rails. Otherwise it stays in SGD to fund payouts.
Pay out in SGD over FAST, PayNow and MEPS to any Singapore account, with per-transaction reference data and reconciliation files.
The requirements you set out on 9 July, matched to what Finmo delivers on the Singapore rail.
✓ Every onboarded business and user receives its own SGD virtual account with unique local account details - the static detail you assign per user.
✓ Disburse SGD to any Singapore bank account or PayNow proxy, in real time, with full reference and travel-rule data on every leg.
✓ Both supported. Because each underlying party is onboarded into Finmo, our banking partner sees every party in a third-party flow.
✓ Business and individual, sending and receiving. Person-to-person corridors carry 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 users alike, subject to standard KYC.
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 user's balance and transaction is ledgered and reportable - the source of truth you reconcile against StraitsX / Zodia.
Named VAs, checkout links and payout APIs are primitives you compose into your own product, white-labelled to Due.
Due is a regulated PSP - MiCA CASP and FINTRAC MSB. Your Singapore rail needs a partner whose licensing and AML stack stands up to the same scrutiny. Finmo operates as a licensed institution with an enterprise compliance posture, and runs its own screening on every party in the flow.
Your individual users are consumers. For your business clients, here is what we onboard on the Singapore rail, and the few categories that need a check or sit outside the banking partner's appetite. You already run KYB on your book; we screen every business again on our side.
This mirrors your own acceptable-use policy. If a client falls in the middle column, send it over and we will confirm quickly.
Due keeps the customer relationship and the USDC product. Finmo runs the regulated SGD leg underneath. The one design choice that makes it all compliant: your underlying clients are onboarded into Finmo, so nothing is hidden from our banking partner.
Due is onboarded (KYB). Your businesses and users are onboarded into Finmo too - lightly, by relying on the KYC you already perform, under a written arrangement.
Each user gets a named SGD VA. Funds collected via local rails are safeguarded and ledgered to that user, then swept to your master wallet.
You rebalance SGD to USDC with your LPs; Finmo pays SGD out over FAST / PayNow / MEPS whenever your users send money.
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.
Five use cases on the SGD rail, each written end to end, from where the money starts to where it lands. Flows A, B and E touch USDC; C and D stay in SGD start to finish. In every case Finmo is counterparty to the value transfer, and stays out of your commercial or crypto transaction with the user.
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; ideal for the on-ramp UX |
| 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 |
| Stablecoin bridge | Convert between USDT / USDC and fiat, both directions |
| Future corridors | Extend the same VA + payout pattern to further markets |
Transaction-level view against each VA and wallet - the source of truth you reconcile against USDC.
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.