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Swiss-Singapore crypto bank Sygnum has been granted the Major Payment Institution Licence (MPIL) by the Monetary Authority of Singapore (MAS), amplifying its service provisions in the burgeoning digital finance realm of the region. The acquisition of this licence comes on the heels of an in-principle approval that was accorded to Sygnum Singapore in June 2023, as previously reported.
The MPIL is a game-changer for Sygnum, furnishing the regulatory green light to operate a licensed brokerage platform aimed at accredited investors and institutions including family offices, banks, and investment firms. With the licence secured, Sygnum has launched its Digital Payment Token (DPT) brokerage service in Singapore, which is engineered to provide a streamlined conduit for fiat-digital asset transactions, besides trade execution for a diversified range of cryptocurrencies.
The platform is tailored to offer competitive spreads, robust liquidity, expedited trade settlements, and live balance updates, Sygnum said in an announcement.
In 2019, Sygnum embarked on its regulated journey by acquiring a Swiss banking and securities dealer licence and a Capital Markets Services (CMS) licence in Singapore. The freshly acquired MPIL is a significant addition to Sygnum Singapore's regulatory portfolio, further enabling it to dispense a comprehensive suite of digital asset financial services encompassing asset management, corporate finance advisory, and capital market product dealings, alongside custodial services.
With a strong foundation laid in 2018, Sygnum has since flourished, boasting more than 3.2 billion Swiss francs (US$3.48 million) in assets under management (AuM) and serving over 1,600 clients across 60 countries. Its clientele spans institutional and accredited investors, banks, financial institutions, and distributed ledger technology (DLT) foundations. The group has also made inroads into Luxembourg and Abu Dhabi, extending its regulated operations.
Gerald Goh, Sygnum co-founder and CEO Singapore, lauded MAS for its progressive regulatory stance on digital assets, which he believes will galvanize investors to augment their digital asset exposure with enhanced confidence.