Spenmo is a technical service provider that facilitates spend management and is not required to be licensed under the Payment Services Act 2019 of Singapore (“PS Act”). All payment services are provided by Spenmo’s partners (and not by Spenmo) , who are licensed major payment institutions under the PS Act.

Frequently Asked Questions

Here are some frequently asked questions to help you understand Spenmo more.

What is Spenmo?

Spenmo is a technological service provider that enhances and integrates with corporates’ existing spend management processes to help companies gain greater control and visibility over their expenditure.

Why are people switching to Spenmo?

Spenmo offers tools to help businesses gain greater visibility and control over their business expenses. Through licensed payment service providers, you will also have access to domestic, cross-border, and corporate debit card solutions, to enable payment of your business expenses.

What are the benefits of using Spenmo?

  • Control: You’ll be able to set rules and budget for spending at your company, team and even employee level; research shows that this tactic can provide up to 30% cost savings
  • Visibility: Real-time analytics of company’s spending; always know where your money is going and what it is being used for
  • Hassle-free: No more reimbursements, paper receipts and manual reconciliations; research shows that this can help save between 30 mins - 2 hours per employee per month

How do I apply?

Product

How does it help control, manage budget and forecast more accurately?

  • We provide real-time tracking of your employees’ spending that will deter fraudulent spending
  • Real-time analytics will give you a current overview of your company’s spending habits, which can help pinpoint and tackle high expense areas so you never overspend again.
  • You will be allowed to set different budgets for different departments
  • You can set personalized spending policies and transaction limits for each employee

 

How does it help you save time?

  • After spending, an employee needs only to snap a photo of the receipt and we will handle everything else. We will chase for a missing receipt and we’ll let you know if any receipts do not tally.
  • No more reimbursement after spending
  • Automated linkage between expense and back end; all spend data on your company cards gets updated instantaneously on your dashboard

Payment Services

Does Spenmo offer Payment Services?

No, Spenmo is not licensed by Monetary Authority of Singapore to provide payment services

Who provides the payment services for this solution?

Spenmo collaborates and partners with various payment service providers licensed by Monetary Authority of Singapore like MatchMove Pay Pte Ltd, Rapyd Holdings Pte. Ltd and Nium Pte. Ltd. These payment service providers provide domestic and cross border payment services, issue Corporate Debit Cards and process payment transactions and settlements for customers. Please refer to https://spenmo.com/legal for the payment service provider terms and conditions.

Customer Support 

What are our customer support operating hours?

Our customer support team operates between Monday and Friday (excluding public holidays) and between 9:00 a.m. and 6:00 p.m. SGT.

What if I raise a query during non-operating hours?

Spenmo will attend to your query on the next working day based on the order of requests received by us.

I am a Spenmo customer. How can I file a support request with Spenmo?

You may send a support request to Spenmo by logging into your account and lodging a support ticket using the “Support and Help” function of your Spenmo dashboard. Alternatively, you may send an e-mail to support@spenmo.com. Spenmo will carefully consider every request received.

If the request relates to a regulated payment service, Spenmo shall, on your behalf, assist to lodge a support ticket with Spenmo’s partner licensed payment service provider (“PSP”) and handle subsequent communications between you and the PSP. While Spenmo may facilitate lodging the request and communications, the PSP is responsible for the resolution of your request, as it relates to regulated payment services. Alternatively, you may directly approach the relevant PSP with the details of your request. Please refer to https://spenmo.com/legal for the PSP’s terms and conditions.

Companies

How do I apply?

What details must I provide?

  • Company: ACRA Form

  • Employee: Employee NRIC / Passport

Do we have control over the cards given out?

  • Absolutely, as admin, you will have an option to activate / deactivate a specific card, modify limits, all with a click of a button.

Pricing Fees

How much does it cost?

  • Please refer to our pricing page for more details

What are the foreign exchange fees payable?

  • Flat 1.5%, we charge you at cost as charged to us by our network.

Billing

How will Spenmo charge its clients for using the software?

We charge our clients based on 1) Subscription Fees and 2) Service Fees. Subscription fees follow fixed pricing depending on a company's enrolled pricing plan. Meanwhile, service fees will depend on the services a company avails of within a billing cycle, such as bill pay transfers, corporate cards, and cash reimbursements.

Companies subscribed to Spenmo will receive a billing statement at the end of their billing cycle.

Where can I see your pricing plans?

You may visit our pricing page for more information on our subscription rates and its service inclusions

How will the transfer fees of my Bill Payments be charged?

From 1 January 2023, transfer fees of newly created bill payments will be deducted automatically together with the payment amount when Spenmo has processed the transaction.