Singaporean banking giant DBS has launched a blockchain-based solution that leverages smart contracts to simplify and expedite the distribution of government grants. According to local media reports, DBS completed a pilot project in partnership with Enterprise Singapore and the Singapore Fintech Association (SFA). During the pilot, 27 local fintech firms ...
BitGo has secured the Major Payment Institution License from the Monetary Authority of Singapore (MAS), according to a recent press release from the firm. The license positions BitGo as an authorized entity to offer regulated digital payment token services within Singapore. According to the release, Singaporeans will benefit from the ...
HashKey Technology Services Pte. Ltd, the over-the-counter trading arm of HashKey Group, has officially received the Major Payment Institution licence from the Monetary Authority of Singapore (MAS). This licence, granted under the Payment Services Act 2019, authorises HashKey OTC to provide digital payment token (DPT) services, cementing its status as ...
Hex Trust, a leading digital asset custodian, has obtained in-principle approval from Singapore's financial regulator for a major payment institution (MPI) licence. This development, announced on July 24, will enable Hex Trust to offer regulated "Digital Payment Token" services in Singapore, including custody and over-the-counter trading. According to the announcement, ...
Deutsche Bank, a German multinational investment bank, has announced its collaboration with Singapore's central bank to explore asset tokenization opportunities. The bank has joined the Monetary Authority of Singapore’s (MAS) Project Guardian initiative, which focuses on tokenizing assets in wholesale funding markets and DeFi applications. The project is a multi-year ...
The future of the monetary system, as envisioned by Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), will consist of three crucial elements: central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. Menon shared this insight in a panel session on the Future of ...
Popular stablecoin issuer Paxos is set to introduce a new U.S. dollar-backed stablecoin in Singapore, marking a significant step in its global expansion strategy. In an official statement released on November 15, 2023, Paxos revealed that it obtained an in-principle approval from Singapore's top financial regulator, the Monetary Authority of ...
Umar Farooq, JPMorgan's Global Head of Financial Institution Payments, has projected that the bank's premier flagship digital asset, JPM Coin, will soon start processing daily transactions of over $ 10 billion within the next one or two years. Farooq shared this projection during an interview with Bloomberg Television on November ...
The Monetary Authority of Singapore (MAS) has initiated a significant collaboration with financial regulators from Japan, Switzerland, and the United Kingdom to foster the development of cross-border digital currency products and services. In a statement released on October 30, 2023, the MAS announced the formation of a policymaker group, including ...
The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have completed a collaborative experimental test focused on cross-border trading and settlement involving wholesale central bank digital currencies (CBDCs). According to a report published by the Banque de France on September 28, 2023, the experimental ...
