Hugosave, Singapore’s all-in-one digital account that helps consumers spend, save, and invest, starting with gold, is pleased to announce it has been granted Major Payment Institution (“MPI”) licence from the Monetary Authority of Singapore (“MAS”).
“Hugosave’s newly-conferred MPI licence is demonstrative of the confidence and affirmation placed in us from our financial regulator. What started out as a vision to democratise personal finance, has since transformed into a full-fledged wealth management and payments institution; and all without crippling fees and penalties from the incumbents,” states David Fergusson, Hugosave’s co-founder and chief executive officer. “Our vision for Hugosave is to build financially healthy, thriving communities so as to enable consumers to spend smarter, save more and grow one’s wealth faster. Our performance metrics have been phenomenal: Hugosave’s accounts have increased by more than 600% since the start of 2022. We have now crossed the 20,000 accounts notch and continue to see strong numbers on a daily basis. Our staff count has extended from 3 to 37, commensurate with our operational expansion and rapid business growth. With the MPI licence in tow, we strive to sustain this momentum across consumer acquisitions.”
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As the bearer of an MPI licence, Hugosave strictly abides by MAS’ Technology Risk Management Guidelines and MAS Notice PS-N06 on Cyber Hygiene for the purposes of upholding security patches, multi-factor authentication, malware protection, and network perimeter defence. Hugosave’s protection measures mirror that of the Payment Services Act and that is, to undertake the full mantle of responsibility of user safeguards by being fully liable to the customer via segregation in a trust account maintained and guaranteed by a financial institution. In this case, Hugosave has such an arrangement with DBS.
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“It’s a major win for us, given Hugosave’s brief history since our 2019 inception. We are grateful to the licensing team at MAS for their immense support in making this happen,” according to Hugosave’s head of compliance Julia Chin. “Hugosave subscribes to a holistic compliance culture within the organisation; with a strong tone for risk management all through its ranks. As a responsible corporate citizen, we work very closely with our regulator in a transparent Public-Private consultative relationship. We have clearly demonstrated our proprietary funnel of stringent protocols that include early warning systems for potential security breaches. We have also instilled a pantheon of rigorous penetration test programs conducted throughout our technology architecture, whilst safeguarding our remit of fiscal stability, consumer and investor protection. In short, our vaunted customers are assured their funds and personal data are secured with Hugosave as their entrusted financial custodian.”
Hugosave is future-ready to expand across more jurisdictions beyond the shores of Singapore when the time comes. These not only include account and e-money issuance, and domestic and cross-border money transfers, but the ability to modify current products for Hugosave’s customers, and eventually venture into investments, international payments, varying account structures, budgeting solutions, and allow for multiple users across one unified digital account.
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