Sparrow awarded Major Payment Institution (MPI) licence to provide Digital Payment Token (DPT) services
SINGAPORE – Sparrow is proud to announce that it has obtained a Major Payment Institution (MPI) licence under the Payment Services Act 2019 (PS Act) from the Monetary Authority of Singapore (MAS). Sparrow was previously issued an In-Principle Approval (IPA) from MAS in June 2022 for their MPI licence application.
“We can now provide digital payment token services with credibility through elevated compliance standards. Trust is something that we don’t take for granted. We are committed to providing exceptional service standards for institutions and high-net-worth individuals seeking to utilize our services. We are pleased to be one of the first few digital payment token service providers to be awarded with the MPI licence.” Kenneth Yeo, CEO of Sparrow expressed.
MAS has adopted a rigorous regulatory approach and thus far, only a select few digital payment token firms have been licensed. Mak Chung Yee, Chief Risk & Compliance Officer at Sparrow, adds: “At Sparrow, it has always been about addressing the increasing demands and diverse needs from regulators and clients. Now that we have obtained the MPI licence, we aim to ensure fair treatment and assurance among clients, sustain market integrity, maintain compliance soundness, and ensure we continue to advocate cryptocurrency standards in Singapore.”
With its headquarters in Singapore, Sparrow employs a multifaceted strategy and comprehensive framework that allows clients to achieve the growth of their digital assets without compromising customer satisfaction, compliance with legal obligations, or cybersecurity standards. Additionally, Sparrow has acquired about US$10 million in Series A investment from reputable partners and enables PayNow transactions among institutional and high-net-worth clients so that they may easily purchase or sell cryptocurrencies using fiat on our own user-friendly trading platform.