News

MAS approves digital assets firms

Singapore skyline 2Singapore’s financial regulator has issued licences to two fintechs operating in the digital assets space. The Monetary Authority of Singapore (MAS) has awarded in-principle approval to US-based Paxos, a regulated blockchain infrastructure platform that provides crypto trading and custody services. The MAS also issued in-principle approval to Swiss digital assets provider Sygnum. The firm has a Swiss banking licence and a Singapore capital markets services licence. Sygnum will now be able to offer more services to institutional investors in Singapore, including tokenisation services and digital asset structuring advice as well as custody.  Paxos will also be able to offer digital asset services to Singapore-domiciled clients. The MAS has been prudent up to now in approving digital assets providers and crypto trading firms. Crypto exchange Binance had its Singapore licence application repeatedly withdrawn during 2021 because it did not meet the regulator’s anti-money laundering requirements. During 2021, the MAS turned down 103 of the 176 licence applications from crypto firms. The approvals also come less than two months after the MAS issued guidelines to curb crypto trading among retail investors, including the removal of cryptocurrency ATMs. © 2022 funds global asia

Executive Interviews

Executive interview: PGIM CEO on where the ESG flowers should bloom

Sep 27, 2021

David Hunt, president and chief executive of PGIM, tells Romil Patel about leading a top 10 global asset manager in times where “empowering and encouraging the kind of investment decisions as...

Executive interview: Nicolas Moreau’s orderly transition

Jul 12, 2021

Nicolas Moreau, CEO of HSBC Asset Management, is moving to Asia as the firm looks to connect more directly with the region’s growth story. ESG is also a key focus – including the ‘just’ carbon...

Roundtables

Roundtable: Singapore comes of age as an Asian ESG hub

Dec 01, 2021

Strong ESG credentials strengthen the case for Singapore as a leader in Asia of the post-Covid recovery. Our panel discusses the risks and opportunities.

Roundtable: How well geared are Japanese assets for a new world?

Jul 12, 2021

As we prepare to emerge from Covid, experts look at overcoming demographic issues through a combination of good tech and corporate governance, improving productivity and meeting an ambitious government carbon emissions reduction target. Chaired by Romil Patel.