Straits Millennium Secures In-Principle Approval for MAS Major Payment Institution (MPI) License, Paving the Way for Enhanced Digital Asset Financial Solutions
SINGAPORE, Feb. 17, 2025 /PRNewswire/ -- Straits Millennium Pte Ltd ("Straits Millennium"), a member of Straits Financial Group, today announced that it has obtained an in-principle approval* from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) License under the Payment Services Act 2019. This significant milestone grants Straits Millennium the ability to offer digital payment token (DPT) services, reinforcing the Straits Financial Group's position as a key player in Singapore's rapidly evolving digital asset ecosystem.
A Strategic Move within the Digital Asset Ecosystem
As a member of the Straits Financial Group of companies—whose members provide financial services on a global scale, specializing in commodities, derivatives, and financial brokerage— Straits Millennium is uniquely positioned to bridge the gap between traditional financial markets and digital assets. This approval aligns with Singapore's vision of becoming a global digital asset hub while ensuring strong regulatory compliance and risk management.
Straits Millennium's new services will enable businesses and institutional investors to navigate the complexities of digital asset transactions with confidence. Straits Millennium will provide market participants with a regulated and efficient platform to facilitate the exchange of digital payment tokens and fiat currencies, ensuring competitive trade execution and adherence to industry best practices. Straits Millennium's approach to digital asset services is anchored in compliance, security, and institutional-grade risk management.
Statement from Group CEO Jeremy Ang
Jeremy Ang, Group CEO of Straits Financial Group, expressed enthusiasm about this key milestone:
"Securing the in-principle approval for our Major Payment Institution License is a testament to our unwavering commitment to regulatory excellence, innovation, and customer-centric solutions. Singapore has established itself as a global leader in digital asset regulation, and we are proud to play a role in shaping the future of the financial industry. With our deep expertise in derivatives, commodities, and institutional financial services, we are well- positioned to provide trusted and seamless digital asset offerings to our clients. We look forward to working closely with MAS to finalize our full license and deliver best-in-class services to the market."
Enhancing Institutional Access to Digital Assets
Amily Ho, Digital Assets Lead at Straits Millennium, emphasized the company's focus on institutional solutions:
"The demand for compliant, seamless, and efficient digital token services continues to rise, and Straits Millennium is here to bridge that gap. Our in-principle approval allows us to build a secure and regulated ecosystem for industry players who require reliability, transparency, and scalability in their digital asset operations. Whether it's facilitating liquidity solutions or enabling efficient trading services, we are committed to delivering innovative and regulatory- compliant services that meet the evolving needs of the market."
The in-principle approval marks the beginning of Straits Millennium's journey in the regulated digital asset space. The firm is actively working toward securing its full Major Payment Institution License from MAS, which will further solidify its position as a trusted and leading provider of digital asset financial services.
*An in-principle approval (IPA) reflects MAS' view that a licence may be issued to the applicant upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute a licence for Straits Millennium Pte. Ltd. to provide payment services at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.
About Straits Millennium
Straits Millennium is a Singapore-based digital asset financial services firm and a subsidiary of Straits Financial Group Pte Ltd. With a strong focus on regulatory compliance, institutional- grade security, and financial innovation, the company aims to bridge the gap between traditional finance and digital assets, offering seamless digital asset financial solutions tailored for today's evolving financial landscape.
About Straits Financial Group
At Straits Financial Group, we distinguish ourselves by promoting key and innovative contracts to support the financial and commodity derivative markets as well as providing products and services to fulfill the needs of every trader.
With a strong presence in Asia and a deep understanding of the global markets, we provide value to our clients by enabling global access with a local perspective. Established in 2010, Straits Financial Group is headquartered in Singapore, and serves as the financial services arm of the CWT Group. We have established a global footprint through our presence in the United States, Indonesia, and Singapore and will continue to expand into key financial and commodity markets.
For more information, please visit our website at https://www.straitsfinancial.com.
About CWT Group
CWT Pte. Limited, headquartered in Singapore, is a multinational corporation providing integrated logistics, commodity marketing, engineering, and financial services. It is privately held by CWT International Limited (HKEX: 521) and employs around 6,000 people worldwide. For more information, please visit our website at https://www.cwtlimited.com.
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