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Straits Millennium, a subsidiary of Straits Financial Group, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
The approval allows Straits Millennium to offer digital payment token (DPT) services and strengthens Straits Financial Group's presence in Singapore's digital asset scene.
“Securing the in-principle approval for our Major Payment Institution License is a testament to our unwavering commitment to regulatory excellence, innovation, and customer-centric solutions," said Jeremy Ang, Group CEO of Straits Financial Group.
As part of the Straits Financial Group, Straits Millennium aims to bridge the gap between traditional finance and digital assets. The Straits Financial Group offers financial services specializing in commodities, derivatives, and financial brokerage.
With this approval, Straits Millennium will introduce regulated digital asset services, as part of its goal to provide a reliable platform for exchanging digital payment tokens and fiat currencies.
The approval also reflects Singapore's ambitions to be a regional digital asset hub. "Singapore has established itself as a global leader in digital asset regulation, and we are proud to play a role in shaping the future of the financial industry," Ang explained.
"With our deep expertise in derivatives, commodities, and institutional financial services, we are well-positioned to provide trusted and seamless digital asset offerings to our clients. We look forward to working closely with MAS to finalize our full license and deliver best-in-class services to the market.”
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Straits Millenium is focused on institutional solutions, highlighted Amily Ho, Digital Assets Lead at Straits Millennium.
"Our in-principle approval allows us to build a secure and regulated ecosystem for industry players who require reliability, transparency, and scalability in their digital asset operations," Ho said.
"Whether it’s facilitating liquidity solutions or enabling efficient trading services, we are committed to delivering innovative and regulatory-compliant services that meet the evolving needs of the market.”
The firm is now working towards securing a full MPI from MAS, which will further cement its position as a trusted and leading provider of digital asset financial services.
An in-principle approval (IPA) reflects MAS' view that a licence may be issued to the applicant upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a licence for Straits Millennium Pte. Ltd. to provide payment services at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.
