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Retail investor focused digital brokerage Moomoo Financial Singapore has achieved a significant milestone by receiving in-principle approval for a major payment institution (MPI) license, the firm announced on Wednesday.
This license paves the way for the firm to offer cryptocurrency services to both retail and institutional investors in Singapore. The conditional approval, granted by the Monetary Authority of Singapore (MAS), marks the culmination of a journey that began in May 2021 when the company first applied for the license.
Gavin Chia, chief executive of Moomoo Singapore, expressed the company's anticipation for the next steps: "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."
According to the announcement, Moomoo is the first digital brokerage in Singapore to receive in-principle approval for DPT services. More than a dozen firms have been granted full licenses for digital payment token services in Singapore since the first was awarded in 2021.
Moomoo Singapore, a subsidiary of Nasdaq-listed Futu Holdings, commenced operations in March 2021. Its association with Futu Holdings, which counts Chinese tech giant Tencent among its backers, positions it as a significant player in Singapore's burgeoning cryptocurrency and digital asset market. Through its digital platform, Moomoo Financial Singapore offers a range of investment products for trading and holds a capital markets services license in the country.
