Singapore’s financial regulator has awarded Digital Treasures Center (DTC) the Major Payment Institution (MPI) licence, allowing the homegrown firm to provide services including account issuance, merchant acquisition, domestic and cross-border money transfer, e-money issuance and digital payment tokens.
In a statement on Monday, co-founder and chief executive officer Alice Liu said DTC is now looking to expand its footprint globally, starting with its regional neighbours in Southeast Asia.
“Our base in Singapore provides us with the unique competitive advantage in leveraging the country’s strong business infrastructure, strong government support, innovation ecosystem and strong regulatory framework to allow us to expand our company,” Liu said.
The company has held a provisional license since March 2022. Liu said she is “optimistic about the future of cryptocurrency as a use case for payment,” and that DTC has seen more enquiries and onboarding from merchants and companies from healthcare to music, F&B and automobiles on enabling crypto payments, in recent months.