“Can a MAS-licensed BaaS platform become the default embedded-finance rails for fintechs, payroll providers, and BNPL platforms across Asia and the Middle East?”
Founded 2009 in Singapore as a wallet-and-cards fintech, MatchMove evolved into a Banking-as-a-Service platform (Banking Wallet OS™ / MMBOS) selling 'A Bank in Any App™' to enterprises. In 2020 it pursued a Digital Full Bank license (not awarded) and remained a Major Payment Institution under MAS. The 2022 Shopmatic acquisition pushed it into e-commerce-plus-BaaS, and the company now monetises card issuing, virtual accounts, FAST payments, cross-border remittance, and crypto-to-fiat conversion across Asia and the Middle East.
MatchMove discloses MatchMove Pay Pte Ltd (in-house, MAS Major Payment Institution) as its banking provider, according to the Embedded Finance Index 2026.
MatchMove does not disclose a bank charter of its own; its banking services are provided through MatchMove Pay Pte Ltd (in-house, MAS Major Payment Institution).
MatchMove processes payments through Stripe (acquiring partner for Shopmatic merchants), MatchMove FAST (self-operated, direct FAST participating NFI), Mastercard Send / Mastercard Remittance and SWIFT. Disclosed money-movement rails: SWIFT.
MatchMove's cards are issued through MatchMove (in-house, Mastercard Principal Member).
MatchMove's lending and capital products are provided by MatchMove (in-house) + Funding Societies partnership.
MatchMove runs its ledger on MatchMove Banking Wallet OS™ / MMBOS (in-house).
MatchMove uses MatchMove (in-house, Mastercard Remittance + SWIFT), Mastercard Send / Mastercard Remittance and SWIFT correspondent network for FX and cross-border payouts.
MatchMove's payroll is powered by MatchMove (in-house).
The Embedded Finance Index 2026 maps 9 layers in MatchMove's stack: Payments / PSP (Stripe (acquiring partner for Shopmatic merchants), MatchMove FAST (self-operated, direct FAST participating NFI), Mastercard Send / Mastercard Remittance and SWIFT); Money movement (SWIFT); Banking / BaaS (MatchMove Pay Pte Ltd (in-house, MAS Major Payment Institution)); Card issuing (MatchMove (in-house, Mastercard Principal Member)); Ledger (MatchMove Banking Wallet OS™ / MMBOS (in-house)); Lending (MatchMove (in-house) + Funding Societies partnership, BNPL infrastructure for Southeast Asia, SME Lending (industry vertical), Virtual card programs for Funding Societies MSME borrowers and 1 other); Payroll (MatchMove (in-house)); FX & payouts (MatchMove (in-house, Mastercard Remittance + SWIFT), Mastercard Send / Mastercard Remittance and SWIFT correspondent network); Spend / AP (MatchMove (in-house card issuing)).
MatchMove was founded by Shailesh Naik and is founded in 2009, headquartered in Singapore.
MatchMove has raised $100M+ equity + $3M debt facility in total (latest round: Debt facility, Fuse Capital).
Get a read on where your own stack stands against MatchMove and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.