Sparrow Receives In-Principle Approval for Digital Payment Token Services
SINGAPORE, [24 June 2022] - Sparrow Tech Private Limited is pleased to receive in-principle approval from the Monetary Authority of Singapore (“MAS”) on its application for a major payment institution (“MPI”) licence to provide Digital Payment Token (DPT) services under the Payment Services Act 2019 in Singapore. Sparrow, which specializes in digital asset products and solutions, is currently working to obtain the formal MPI licence.
“With the rising adoption of cryptocurrencies among financial institutions and wealth managers, regulatory compliance is essential to ensure digital asset activities are conducted in a safe, secure and trustworthy manner,” said Kenneth Yeo, Chief Executive Officer of Sparrow.
“Our clients are concerned not just with risks and volatility, but more importantly, with authenticity and transparency. With the in-principle approval from the MAS, Sparrow will continue to serve clients with the highest compliance and security standards. We would also like to take this opportunity to thank the regulatory bodies for supporting the development of our home-grown company,” added Yeo.
“A robust and solid enterprise risk and compliance management program is critical, particularly in the cryptocurrency industry. Sparrow is dedicated to elevating its business processes and frameworks while increasing the trust and confidence among our clients,” commented Chung Yee Mak, Chief Risk and Compliance Officer.
Other recent developments in Sparrow
Recently, Sparrow has started accepting PayNow transfers among institutional clients so clients can easily buy or sell cryptocurrencies using fiat on Sparrow. The PayNow capability added convenience, security, and confidence to clients who are from the world of traditional finance.
In addition, the home-grown digital assets company raised US$4.45 million from Gain Loyal Ltd pursuant to its Series A Funding round to accelerate its business in a strategic partnership. In total, Sparrow has closed approximately US$10 million in Series A funding from established partners. To support its fast-growing and innovative business, Sparrow has doubled its headcount and plans to continue actively hiring across all functions.
Sparrow offers innovative digital asset products and solutions. Headquartered in Singapore, Sparrow works with financial institutions and family offices in designing bespoke digital asset solutions to achieve customer-centric growth objectives without compromising regulatory, financial reporting, and compliance requirements.
Also read: In conversation with Sparrow’s Head of Trading: Bridging cryptocurrency and traditional finance