Sygnum Receives In-Principle Approval of Major Payment Institution Licence in Singapore

The licensed Swiss digital asset bank Sygnum has been granted the in-principle approval of its Major Payment Institution Licence (MPIL) application from Monetary Authority Of Singapore (MAS). This marks a step closer for Sygnum Singapore to expanding offering to include regulated crypto brokerage service in the city-state.

The latest move follows Sygnum's obtaining an in-principle approval from the Abu Dhabi Global Market's Financial Services Regulatory Authority​ in November 2022, allowing the firm’s new Middle-East hub to serve the local market with a crypto-native suite of digital asset banking, asset management, tokenization and B2B banking services.

The new approval will help bolster Sygnum's market position as a digital asset service provider in Singapore and South-East Asia.

"This in-principle approval of our Major Payment Institution Licence by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia. Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets – and Future Finance - with complete trust," said Gerald Goh, Sygnum Co-Founder and CEO Singapore.

"The Sygnum team has been working tirelessly in preparation for this next phase of our growth in Singapore, and we are looking forward to this new challenge."