Latest news with #StraitsMillennium
Yahoo
17-02-2025
- Business
- Yahoo
Straits Millennium secures in-principle approval for MAS Major Payment Institution licence
Straits Millennium is a member of Straits Financial Group, the financial services arm of the CWT Group. 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. 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.' 8% lower after MAS equities market review group's first proposal MAS's equities market review group proposes tax incentives as part of measures to boost Singapore's bourse Singapore to consolidate administration of payment systems under one roof Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
Yahoo
17-02-2025
- Business
- Yahoo
Straits Millennium, EBANX get in-principle nod for MPI licence in Singapore
The Monetary Authority of Singapore (MAS) has issued in-principle approval to fintech firms EBANX and Straits Millennium for a major payment institution (MPI) Licence under the Payment Services Act 2019. Payment service provider EBANX has presence in the Asia-Pacific region, with 39% of its total processed volume in 2024 coming from the region. It operates offices in Shanghai, China, and Singapore, and has recently expanded its footprint in India through a partnership with YES Bank and the appointment of a country director. EBANX has relocated Fernanda De Fino, global director of risk and compliance, to Singapore. In addition to her global role, she will serve as executive director of EBANX Singapore to strengthen the company's APAC presence, complementing its 25-member team in Shanghai. EBANX CEO and co-founder João Del Valle said: "Receiving In-Principle Approval for an MPI license in Singapore, one of the most robust ecosystems for international payments, is a testament to EBANX's priority to meet the highest regulatory standards and provide exceptional value to our clients globally, who will now have even more capabilities enabled within our payments services." Besides, Straits Millennium is a Singapore-based digital asset firm and subsidiary of Straits Financial Group that aims to bridge the gap between traditional finance and digital assets by offering financial solutions. The in-principle approval allows the firm to offer digital payment token (DPT) services. Straits Millennium digital assets lead Amily Ho said: "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." "Straits Millennium, EBANX get in-principle nod for MPI licence in Singapore " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
