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Monetary Authority of Singapore Grants licence to MetaComp Under Payment Services Act to Provide Digital Payment Token ServicesBy
Published : Dec. 1, 2022 - 15:50
- MetaComp is now able to offer regulated digital payment token services to its customers in Singapore
- MetaComp's platform will provide the infrastructure for traditional and crypto-native companies to build their digital asset offerings
- Together with its parent company, MetaComp aims to drive token innovation within its ecosystem of products and services
SINGAPORE, Dec. 1, 2022 /PRNewswire/ -- The Monetary Authority of Singapore ("MAS") has granted licence to MetaComp Pte. Ltd. (f.k.a. Cyberdyne Tech Services Pte. Ltd) to provide digital payment token services as a Major Payment Institution. Effective December 2022, MetaComp has been granted license under the Payment Services Act, enabling it to offer a holistic, end-to-end suite of digital asset services to corporates, as well as traditional and crypto-native institutional investors, and enabling it to safely bridge the gap between traditional finance and crypto assets for its customers.
Dr. Bo Bai, Executive Chairman and Co-Founder of MetaComp said, "At MetaComp, we believe in the potential of tokenisation and in its ability to solve some of the world's most pressing issues today — from enhancing financial inclusion to strengthening the integrity of green finance initiatives. This is a view that the MAS has equally held, evidenced by the robust regulatory frameworks that have enabled Singapore to position itself on the global stage as a trusted hub for digital asset innovators such as MetaComp to grow."
MetaComp offers a leading digital asset exchange built on the cloud and powered by the best-in-class Nasdaq trading engine. Backed by bank-grade, enhanced customer due diligence that is compliant with global KYC/AML frameworks as stipulated by the Financial Action Task Force (FATF), MetaComp empowers accredited and institutional investors to confidently enter the digital market with safety, security, and compliance. Led by a world-class team of executives with over three decades of collective experience across leading multinational and regional financial services firms, MetaComp straddles the worlds of traditional finance across private equity and hedge funds and digital assets.
MetaComp's efforts to drive token innovation are strengthened by its parent company MetaVerse Green Exchange ("MVGX")'s unique set of licenses. MVGX is a digital green exchange that holds the Recognised Market Operator License and Capital Market Service License for dealings in securities and collective investment schemes and providing custodial services, under Singapore's Securities and Futures Act. Under its Capital Market Service License, MVGX is also permitted to conduct dealings in over-the-counter (OTC) derivatives and exchange-traded derivatives, to further enhance the firm's overall financial offerings. Together, both entities are able to offer exposure to tokens backed by real-world assets, such as tokens backed by intellectual properties, tokens backed by supply chain financing, and tokens backed by carbon credits in the form of the Carbon Neutrality Token (CNT®), effectively strengthening their positions as enablers of sustainable growth of the real-world economy. As a prime example of token innovation, the CNT® is designed with the company's proprietary protocols and blockchain technology to facilitate cross-border trading of carbon voluntary emission reduction credits.
"In recent years, we've witnessed the rapid expansion and maturation of the digital assets ecosystem. Our team built MetaComp to serve as a compass guiding institutional investors and businesses in their long-term digital asset investment journey, setting them on the right path from the very start. The regulatory support from the MAS is critical in imbuing even greater trust and integrity in Singapore's domestic digital asset industry, enabling institutions to make the leap into the sector with confidence. With MetaComp now regulated as a Major Payment Institution, we look forward to leveraging our unique set of regulatory licenses to support traditional financial services in their transition towards embracing a new breed of digital financial services," continued Dr. Bai.
MetaComp Executive Chairman and Co-Founder Bo Bai is available for interviews
About MetaComp (WWW.MCE.SG)
MetaComp is a leading Singapore-based digital asset platform that is regulated by the Monetary Authority of Singapore under the Payments Services Act. Founded in 2018, MetaComp offers a world-class digital exchange platform with the best-in-class Nasdaq trading engine. With a focus on institutional and accredited investors as well as corporates, MetaComp operates under a P2B2C (platform-to-business partners-to-clients) model and provides an integrated end-to-end suite of services to its clients, empowering them to confidently enter the digital asset market with the much-needed safety, security, and compliance. MetaComp's suite of services also provides a compliant platform on which businesses can develop and scale their digital asset offerings, through OTC and exchange trading services, fiat payment gateway, digital asset custody, prime brokerage, and asset management.
MetaComp was granted its Major Payment Institution Licence under the Payment Services Act by the Monetary Authority of Singapore in December 2022. MetaComp's parent company, MetaVerse Green Exchange, holds the Recognised Market Operator License and Capital Market Service License for dealings in securities, collective investment schemes, exchange-traded derivatives, and OTC derivatives, as well as providing custodial services, under Singapore's Securities and Futures Act.
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