Straits Millennium has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution licence under the Payment Services Act 2019.
According to a Feb 17 announcement, this grants Straits Millennium the ability to offer digital payment token services.
Straits Millennium is a member of Straits Financial Group, whose members provide financial services on a global scale, specialising in commodities, derivatives and financial brokerage.
Established in 2010, Straits Financial Group is headquartered in Singapore, and serves as the financial services arm of the CWT Group, a multinational corporation providing integrated logistics, commodity marketing, engineering and financial services.
CWT Pte Ltd, headquartered in Singapore, is privately held by Hong Kong-listed CWT International Limited and employs around 6,000 people worldwide.
An in-principle approval means MAS may issue a licence to the applicant after it fulfils specified conditions and provided there are no material adverse developments affecting the applicant. An in-principle approval does not constitute a licence for Straits Millennium to provide payment services at this juncture. MAS reserves the right to rescind the in-principle approval in circumstances where it considers appropriate.
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Straits Millennium says it will provide market participants with a “regulated and efficient platform” to facilitate the exchange of digital payment tokens and fiat currencies. The firm is “actively working” towards securing its full Major Payment Institution licence from MAS.
Amily Ho, digital assets lead at Straits Millennium, says: “The demand for compliant, seamless and efficient digital token services continues to rise, and Straits Millennium is here to bridge that gap. 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. 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.”
Jeremy Ang, group CEO of Straits Financial Group, says: “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. 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 finalise our full licence and deliver best-in-class services to the market.”
