Louisa Crawford
October 30, 2024 04:10
Matrixport subsidiary Fly Wing Technologies has received in-principle approval from Singapore’s MAS for a primary payment institution license, strengthening its presence in digital payment services.
Fly Wing Technologies Pte Ltd, a wholly-owned subsidiary of Matrixport, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a primary payment institution license. This development marks a significant step for Fly Wing to strengthen its position as the leading over-the-counter (OTC) desk in the region.
Strategic Expansion in Singapore
Recognized as a major global financial hub, Singapore plays a pivotal role in Matrixport’s regulatory licensing strategy. MAS’s In-Principle Approval (IPA) demonstrates Fly Wing’s commitment to complying with Singapore’s regulatory framework for digital payment token services. Matrixport co-founder and CEO John Ge expressed optimism about Singapore’s progressive stance on the Web 3.0 industry, highlighting the country’s potential to provide globally compliant and innovative financial services.
Innovative financial services
With IPA, Fly Wing is ready to strengthen its digital payment token services while complying with regulatory standards. The subsidiary aims to facilitate easier entry into the Web 3.0 industry through blockchain-based services, while fostering a secure financial ecosystem by collaborating with global regulators.
About Flywing Technologies
Founded in 2019, Fly Wing Technologies serves a variety of clients including cryptocurrency miners, trading firms, and high-net-worth individuals. The company is actively involved in OTC market making, processing over $100 million in monthly transactions and providing liquidity to major cryptocurrency and fiat exchanges. The recent MPI license approval allows Fly Wing to expand its digital payment token services in Singapore.
Introduction to Matrix Port
Founded in 2019, Matrixport is a leading digital asset financial services platform based in Asia. The platform offers a comprehensive suite of services including cryptocurrency trading, investing, and custody, with assets under management totaling $6 billion. Matrixport holds multiple regulatory licenses across Hong Kong, Switzerland and the United States, strengthening its commitment to regulatory compliance and innovation. Recognized by CB Insights and included in the Hurun Global Unicorn List, Matrixport continues to strengthen its global presence.
For more information, visit the Matrixport blog.
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