MAS awards Moomoo Singapore an MPI license

The license will allow the firm to offer new services to Singapore investors.

Moomoo Singapore wins an  in-principle approval for a Major Payment Institution License - Digital Payment Token Service, from the Monetary Authority of Singapore (MAS).

The license will enable Moomoo Singapore to offer digital payment token services to retail and institutional investors in Singapore.

To date, only 15 firms have been granted the said license.

According to a survey by Swiss crypto bank Sygnum, 3 in 4 institutional investors in Singapore  intend to increase their crypto allocations in 2024.

Meanwhile about 61% of Singapore respondents view the island-state as crypto-friendly, given its status as a pioneer in crypto regulations.

The report also showed that 85% said regulated service providers are essential for building trust in the crypto market.

“We are proud to be the first digital brokerage in Singapore to receive in-principle approval for a MPI licence. This is a significant milestone for us and will pave the way for us to introduce digital payment token service on our platform. We will work closely with MAS to secure approval for a full license soon,” Gavin Chia, CEO of Moomoo Singapore said.