Hex Trust secures approval for Major Payment Institution License from MAS

By Gloria Mathias

Hex Technologies (Hex Trust), a provider of digital asset solutions, has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

The MPI license would allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, namely the custody and OTC trading of DPTs. The expansion caters to a growing demand amongst institutional clients for sophisticated and compliant digital asset management solutions in a region experiencing rapid FinTech development.

“The in-principle approval of this license is underpinned by Hex Trust’s long-standing commitment to compliance and operational excellence, and to Singapore. We are not only reinforcing our leading role in working closely with regulatory bodies but also enhancing our capability to safeguard and optimize the digital assets of our institutional clients with regulatory clarity,” shared Calvin Shen, Managing Director of Hex Trust.

“The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection. We are thrilled to strengthen our presence in Singapore, a vibrant hub for FinTech innovation renowned for its outstanding regulatory framework,” said Alessio Quaglini, Co-Founder and CEO of Hex Trust Group.

With a dedicated office and team established in Singapore in 2020, Hex Trust is poised to unlock new capabilities for Singapore-based institutional and corporate clients, further positioning the city-state as a regional hub for blockchain innovation. This strategic move aligns with Hex Trust Group’s broader vision to lead and innovate within the global digital asset ecosystem.

This announcement follows Hex Trust Group’s recent success in securing an additional license in Dubai. This license now permits its markets arm to offer comprehensive Virtual Asset services, including broker-dealer management and Investment Services, along with regulated Stake Services.