Straits Millennium Moves Toward Full MAS Major Payment Institution License with In-Principle Approval

Straits Millennium Pte Ltd, part of Straits Financial Group, has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) License under the Payment Services Act 2019. The approval allows the firm to move forward in its efforts to provide digital payment token services, subject to final regulatory clearance.

The company, which operates as part of a group involved in commodities, derivatives, and financial brokerage, aims to expand its presence in Singapore’s digital asset market. With this approval, it plans to offer institutional and business clients regulated access to digital asset transactions, including exchanges between fiat and digital payment tokens. The firm has stated that its operations will be developed with an emphasis on compliance, security, and adherence to regulatory requirements.

Straits Financial Group’s CEO, Jeremy Ang, acknowledged the significance of the approval in relation to Singapore’s digital asset framework, stating that the firm would work closely with MAS to meet licensing conditions. He noted that the company’s background in derivatives and institutional financial services would support its entry into the digital asset sector.

Amily Ho, who leads the digital assets division at Straits Millennium, commented on the increasing demand for structured services in the digital token space. She noted that institutional players seek operational reliability, transparency, and regulatory oversight in digital asset transactions. She also indicated that the company is focused on liquidity solutions and trade facilitation, with the goal of aligning its offerings with market expectations.

The in-principle approval does not permit Straits Millennium to provide payment services at this stage. The company is required to meet MAS’s conditions before obtaining a full MPI license, and the regulator retains the authority to withdraw the approval if necessary. Straits Millennium has stated that it is working toward fulfilling the necessary requirements to secure final approval.