Hex Trust Granted Major Payment Institution License in Singapore
Hex Trust Group, a digital asset financial institution specializing in institutional-grade custody and trading solutions, today announced a major regulatory triumph: the acquisition of a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).
The license, officially granted on March 1, 2025, empowers Hex Trust to provide fully regulated cross-border money transfer and Digital Payment Token (DPT) services within Singapore, a leading global fintech hub.
With the license, institutional clients can now leverage Hex Trust for custody, over-the-counter (OTC) trading, and seamless settlement, including fiat on and off-ramps, all within a regulated framework. The full license follows Hex Trust’s attainment of In-Principle Approval (IPA) for the MPI license in July 2024, demonstrating the firm's sustained commitment to meeting MAS's rigorous regulatory standards.
"Securing the MPI license is a testament to our team’s dedication to working closely with the MAS to meet its regulatory requirements," Calvin Shen, group chief commercial officer and CEO of Hex Technologies, said in a statement. "As a leading provider of digital asset services in Asia, Singapore is a key market for Hex Trust, and this milestone enables us to further enhance our services, providing institutional clients with secure and compliant digital asset solutions."
The MPI license is particularly significant for Hex Trust’s strategic expansion. Operating in Singapore since 2020 with a dedicated team, the company has prioritized regulatory compliance as a cornerstone of its global growth strategy. This focus was further emphasized by Hex Trust's recent acquisition of Byte Trading, an algorithmic market maker in digital assets.
The acquisition, announced in February, is aimed at bolstering Hex Trust’s institutional market services and prime brokerage capabilities, transforming the company from a pure-play custodian into a full-service digital asset financial institution. The MPI license now complements this expansion by providing the regulatory foundation for these enhanced services within Singapore.
"Hex Trust’s expansion across global financial hubs is underpinned by our commitment to compliance, risk management, and institutional-grade digital asset services," affirmed Alessio Quaglini, co-founder and group CEO of Hex Trust. "Securing the full MPI license in Singapore reinforces our position as a global leader and trusted partner, bridging traditional finance with the digital asset economy.”
Established in 2018, Hex Trust has strategically pursued regulatory approvals in key financial centers worldwide. In addition to Singapore, the company holds licenses and registrations in Hong Kong, Dubai (from Dubai's Virtual Assets Regulatory Authority - VARA), France, and Italy.