back Back

Propine graduates from MAS’ FinTech Regulatory Sandbox

By Edil Corneille

January 13, 2021


Propine, Singapore, FinTech Regulatory Sandbox, MAS, digital assetSingapore-based Propine, an end-to-end securities services firm catering for digital securities services to institutional clients, announced that it has become the first independent Digital Asset Custody service provider to graduate from the Monetary Authority of Singapore’s (MAS) FinTech Regulatory Sandbox.

Since its admission to the Sandbox to provide independent digital asset custody services on November 8, 2019, Propine offers a full range of services adapted to financial markets and regulatory trends across digital asset custody, asset servicing, trade settlement facilitation, investor reporting as well as services catering to global security issuers.

With the approval from MAS to exit the regulatory sandbox on January 7, 2021, Propine has graduated successfully with the CMS Licence and is now fully operational.

Milestone for digital asset custody

“Huge thanks to MAS for our successful experimentation and exiting the regulatory sandbox. Having a clear regulatory framework is of vital importance for the safe development of security token. This allows hesitant but eager institutions waiting on the sidelines, to be able to participate in tokenization. Compliant infrastructure is a rock bed on which the foundations of the security token ecosystem are created,” said Chief Executive Officer, Tuhina Singh.

“We will continue to engage MAS and other regulators to keep up to date with market developments as well as taking the lead in setting market standard practices and developing the ecosystem, to ensure that there is transparency in our services and the activities adhere to the services authorised,” she continued.

Sopnendu Mohanty, Chief FinTech Officer of MAS said, “The digital asset ecosystem, fuelled by financial technology and innovation, is growing at an accelerated rate in the financial industry. It is crucial to safeguard and service these digital assets effectively yet efficiently so that trust in this ecosystem can be maintained. MAS’ regulatory sandbox has provided Propine a safe space to experiment with its dual-layer multi-signatory custody solution that is blockchain-agnostic. We look forward to seeing digital asset custody solutions taking root in Singapore and abroad.”

Role as an independent third-party custodian

As the digital asset market continues to grow, custody is said to remain as one of the significant obstacles to investment in such assets.

“The role of Propine in safekeeping and servicing these assets is becoming ever more important. With our dedicated resources, managing digital assets through our custody solutions will increase security and operational efficiency while reducing risk and complication faced by accredited and institutional investors,” said Chief Technology Officer, Liang Zan Wong.

Moving forward

Propine hopes that the graduation from MAS’ regulatory sandbox would spur more FinTech companies in the region to follow suit.

“Propine’s graduation from MAS’ FinTech Regulatory Sandbox is a recognition of their efforts in satisfying the regulatory standards and licensing conditions set by MAS,” said General Manager, SEEDS Capital, Geoffrey Yeo. “As an independent custodian for digital assets recognised by MAS, Propine will be able to help more enterprises and institutional investors participate in the digital assets economy, and this will serve to support the growth of the digital assets ecosystem in Singapore and the region.”

Founding Partner, Woodstock Fund, Pranav Sharma commented that his company is excited to back Propine for many reasons. “Propine is looking at a global play, and thereby continues to strengthen its presence across the region, under the purview of a progressive regulator, MAS,” he said. “Propine has a terrific team with relevant backgrounds and grit. With the rising of global adoption for institutional digital assets, Propine as a first mover will definitely benefit from the corresponding increase in demand for digital asset custody and asset tokenization service.”

Previous Article

January 13, 2021

Carne Group secures €100 million investment from Vitruvian Partners

Read More
Next Article

January 13, 2021

Finastra to power Belgium-based KBC Bank’s LIBOR transition

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

SaaScada & Partes sign embedded finance partnership in Switzerland

Read More

July 08, 2024

Ethos taps Thought Machine to launch Shariah-compliant services

Read More

July 08, 2024

Handelsbanken Norway renews partnership with Tietoevry Banking

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024