Moomoo Financial Singapore has received an in-principle approval for a major payment institution (MPI) license - digital payment token service from the Monetary Authority of Singapore (MAS).
Moomoo, which is the first digital brokerage to receive the licence, is now able to offer digital payment token services to retail and institutional investors in Singapore once it gets the full licence.
So far, only 15 firms have been granted the MPI licence to become digital payment token service providers. Another two firms hold the standard payments institution licence. All 17 firms are able to provide digital payment token services, such as the buying and selling of digital payment tokens on their platforms.
“We are proud to be the first digital brokerage in Singapore to receive in-principle approval for a MPI licence. This is a significant milestone for us and will pave the way for us to introduce digital payment token service on our platform. We will work closely with MAS to secure approval for a full license soon,” says Gavin Chia, CEO, Moomoo Singapore.
“Over the years, we have seen an increase in volume of queries from our clients with regard to the trading of digital payment tokens on our platform. We have heard you and have worked hard to fulfil the regulatory requirements from MAS. We thank our clients for their patience and we look forward to expanding our suite of offerings to them,” he adds.
