Singapore, 3 October, 2023: Sygnum Singapore announces 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
- Sygnum Singapore received its MPIL in-principle approval in June 2023
- The digital assets technology group has both Swiss and Singaporean co-founders. Sygnum Bank received its Swiss banking and securities dealer licence in 2019. Sygnum Singapore received its Capital Markets Services (CMS) licence in the same year
Following its in-principle approval of the MPIL in June this year, Sygnum Singapore 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, says, “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.”
Sygnum Singapore already holds the Capital Markets Services licence, which it received in 2019. 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.
Sygnum is a digital asset technology group. Sygnum Bank AG, headquartered in Zurich, holds a Swiss banking licence. Sygnum’s Singapore headquarters holds the CMS and MPI licences.
Sygnum is the world’s first digital asset bank, founded on Swiss and Singapore heritage. We empower professional and institutional investors, banks, corporates and DLT foundations to invest in the digital asset economy with complete trust. Our team enables this via personal, expert service and secure, convenient access to our integrated portfolio of crypto banking, asset management, tokenisation and B2B banking services.
Sygnum is a licenced Swiss bank and is also regulated in the established global financial hubs of Singapore, Abu Dhabi and Luxembourg. We believe that the future has heritage. Our diverse crypto-native team of banking, investment and digital asset technology professionals are building a trusted, regulated bridge between the traditional and digital asset economies that we call Future Finance. To learn more about how Sygnum is shaping this trusted digital asset ecosystem, please visit sygnum.com.
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Sygnum Pte. Ltd.
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This document was prepared by Sygnum Pte. Ltd. This document may contain forward looking statements and may be subject to change. The opinions expressed herein are those of Sygnum Pte. Ltd., its affiliates, and partners at the time of writing. The document is for informational purposes only and contains general material. It is for use by the recipient only. It does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum Pte. Ltd. to purchase or sell assets or securities. It is not intended to be used as a general guide to invest and should be used for informational purposes only. When making an investment decision, you should either conduct your own research and analysis or seek advice from an expert to make a calculated decision. The information and analyses contained in this document have been compiled from sources believed to be reliable. However, Sygnum Pte. Ltd. makes no representation as to its reliability or completeness and disclaims all liability for losses arising from the use of this information.
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