[Zurich] Sygnum has received in-principle approval for its Major Payment Institution Licence (MPIL) application, paving the way for the expansion of its regulated operations in Singapore.
The expansion includes a regulated crypto brokerage service, complementing Sygnum Singapore's existing regulated activities under the Capital Markets Licence (CMSL) extension granted in 2022. By leveraging its regulated banking infrastructure, product portfolio, and digital asset technology expertise, Sygnum Singapore strengthens its position as a digital asset service provider in Singapore and South-East Asia.
The MPIL approval will enable the launch of Sygnum Singapore's regulated crypto brokerage service, which offers a seamless fiat-digital asset gateway, competitive spreads, deep liquidity, fast trade settlements, and various trading and vault wallet options. Clients will benefit from dedicated Relationship Managers, ensuring personalized service and support.
Gerald Goh, Sygnum Co-Founder and CEO Singapore, views the in-principle approval as a significant milestone for the company's growth plans in South-East Asia. He highlights Singapore's progressive and robust regulatory framework, which provides clarity and instills investor confidence in digital asset investments.
With the in-principle approval, Sygnum solidifies its position as a leading regulated digital asset service provider in Singapore and the broader region. The company's early mover advantage was established in 2019 with the initial CMSL, and its reputation was further cemented by the three-part CMSL extension in 2022, enabling the launch of additional services, including corporate finance advisory and asset and security token custodial solutions.
