MAS Grants In-Principle Approval to Moomoo Singapore for Crypto Payments – Fintech Singapore

Digital brokerage Moomoo Financial Singapore has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License to offer digital payment token (DPT) services.

This approval enables Moomoo Singapore to extend digital payment token services to both retail and institutional investors in the region, pending the acquisition of a full license.

Moomoo claims to be the first digital brokerage in Singapore to receive in-principle approval for DPT services.

Gavin Chia

“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. 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,”

said Gavin Chia, CEO, Moomoo Singapore.

Featured image credit: Edited from Freepik

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