Moomoo Financial Singapore Pte Ltd ("Moomoo Singapore") has achieved a groundbreaking milestone as the first digital broker in Singapore to receive preliminary approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license covering digital payment token services.
Key Developments
- Regulatory First: Moomoo Singapore is now positioned to offer digital payment token services to retail and institutional investors upon full licensing.
- Industry Landscape: Only 15 companies (including Moomoo) hold MAS’s MPI license for digital payment token services, alongside two firms with standard payment institution licenses.
- Service Expansion: Licensees can facilitate trading of digital payment tokens (e.g., buying/selling) on their platforms.
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CEO’s Statement
Mr. Gavin Chia, CEO of Moomoo Singapore, emphasized:
"This preliminary approval marks a critical step toward launching digital payment token services. We’re collaborating closely with MAS to expedite full licensing and enhance our product suite to meet growing client demand."
Singapore’s Rise as a Digital Asset Hub
Backed by MAS’s progressive regulations, Singapore has emerged as a leading digital asset hub in Asia:
- Investment Growth: Digital currency/blockchain investments surged to *$1.2 billion** (2022) from $109.75 million (2020) (Statista*).
- Institutional Confidence: 75% of institutional investors plan to increase digital asset allocations in 2024 (Sygnum Survey).
- Regulated Trust: 85% of investors prioritize regulated service providers for market transparency and risk management.
Market Trends
- Payment Sector Maturity: Singapore’s fintech payment industry ranks as the most developed segment (PwC Singapore & SFA Report).
- Client Demand: Rising inquiries for digital token trading platforms drove Moomoo’s compliance efforts.
FAQ Section
Q1: What does the MPI license allow Moomoo Singapore to do?
A1: It permits digital payment token services (e.g., token trading) for retail/institutional investors, pending full license approval.
Q2: How many companies hold MAS’s MPI license for digital tokens?
A2: Only 15 companies, plus two with standard payment licenses—totaling 17 authorized firms.
Q3: Why is Singapore considered crypto-friendly?
A3: 61% of surveyed investors view Singapore’s regulatory framework as supportive (Sygnum Survey).
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Disclaimer: This content is for educational purposes only. Moomoo Technologies Inc. does not endorse specific investment strategies.
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