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Sygnum gains MPI Licence from Monetary Authority of Singapore

By Gloria Mathias

October 03, 2023

  • APAC Fintech
  • APAC Fintech news
  • APAC news
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Sygnum Singapore, Singapore, Sygnum, Zurich, Digital Asset Bank, Crypto Asset Management, MPI, MAS, Monetary Authority of Singapore, Major Payments Institutions Licence, Sygnum Singapore has announced that it has received approval for its Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS).

The MPIL expands Sygnum’s suite of services in Singapore to include a regulated brokerage platform for accredited investors and institutions such as family offices, banks, and investment firms.

The digital assets technology group has both Swiss and Singaporean Co-founders. Following its in-principal approval of the MPIL in June this year and has completed the licensing process and received the licence that enables it to activate the launch of the group’s regulated Digital Payment Token (DPT) brokerage service in Singapore.

The platform, featuring a seamless fiat-digital asset gateway and trade execution for a range of cryptocurrencies, offers competitive spreads, deep liquidity, and fast trade settlements in addition to live balance updates and quotes.

Founded in 2018, Sygnum to date has more than CHF 3.2 billion Assets Under Management (AuM) and 1,600+ clients from 60+ countries, including institutional and accredited investors, banks, and financial institutions as well as DLT (Distributed Ledger Technology) foundations. The group has also expanded its regulated operations into Luxembourg and Abu Dhabi.

The MPIL represents a major achievement in the group’s growth plans in Singapore and in the region, providing more opportunities to distribute Sygnum’s market-tested regulated and trusted offerings with strategic investors.

Gerald Goh, Sygnum Co-Founder and CEO Singapore, said, “The MAS is one of the most progressive regulators in the world when it comes to providing a clear and robust framework around digital assets. The most recent guidelines on stablecoins have shown the industry a well-defined path forward. We believe such developments will empower investors to increase their exposure to digital assets with complete trust.”

The company already holds the Capital Markets Services licence. The MPIL will add DPT brokerage services to its fully regulated suite of digital asset financial services that include asset management, corporate finance advisory, dealing in capital market products, and the provision of custodial services.

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