Sygnum's Singapore arm has been granted a full license by the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) brokerage services. This step allows Sygnum to introduce its DPT brokerage platform to accredited investors and institutions.
Notably, Sygnum Singapore has achieved this full license status relatively fast, just four months after receiving in-principle approval from the MAS, The Straits Times reported. It joins a growing list of over a dozen firms authorized to provide DPT services in Singapore.
Sygnum Expands Digital Asset Services
The full license enables Sygnum Singapore to integrate DPT brokerage services into its broad digital asset financial offerings. These services include asset management, corporate finance advisory, capital market product trading, and custodial solutions.
Gerald Goh, the Co-Founder and CEO of Sygnum Singapore, expressed the significance of this achievement in June, stating: "This in-principle approval of our Major Payment Institution (MPI) license by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia." He emphasized the progressive and robust regulatory framework in Singapore.
Sygnum Bank AG, which is headquartered in Zurich and holds a Swiss banking license, has been steadily expanding its reach globally. With over 220 employees across its offices in Switzerland, Singapore, Luxembourg, and Abu Dhabi, the group manages a portfolio of more than $4.8 billion in assets under management.
Paving the Way for Regulated Digital Payments
Sygnum expanded its global presence by obtaining a capital markets license in Singapore in 2019, forming the subsidiary Sygnum Singapore. The platform established in Singapore acts as a fiat-digital asset gateway and provides efficient trade execution for a diverse range of cryptocurrencies.
Singapore's regulatory framework and rules governing cryptocurrency operations have made it attractive for established crypto companies. Sygnum joins a growing list of firms that have obtained licenses from the MAS, including Circle, Crypto.com, Blockchain.com, Coinbase, and Paxos.
In addition, Ripple, a blockchain payments company, established its presence in the Asia-Pacific region by securing in-principle approval for an MPI license from the MAS this year. The approval enables Ripple to provide regulated digital payment token products and services within Singapore's regulatory framework.
This article was written by Jared Kirui at www.financemagnates.com.
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