More than 300 companies have submitted requests for payments and crypto exchange licences in Singapore, including Alibaba and Google.
Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore (MAS), said the institute had received 300-plus requests as of June 4 since the institute established the Payment Services Act in 2020.
The MAS is now trying to speed up the application process for firms including Binance Holdings Ltd, Alibaba Group Holdings Ltd, and Alphabet Inc – the company behind Google.
Singapore to Become a FinTech Hub
Singapore is set to become a FinTech hub as the country saw over US$1.1 billion raised in FinTech firms last year. This represents record growth compared to 2014, when investments amounted to only US$20 million.
Firms are now waiting for the MAS to process their submissions. However, it might take time as the number of applications soared above expectations. It is not “something to be taken lightly”, Mohanty commented.
Giving licences to somebody is a premium, it is not something to be taken lightly. We are ensuring that whoever gets an MAS licence will be credible.Sopnendu Mohanty, MAS
Singapore is one of the few countries embracing crypto and blockchain technology in recent months. Another is El Salvador, which has become the first country to Adopt Bitcoin as legal tender.
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