Crypto whales surface: uncovering 33 licensed institutions in Singapore, who is the true king on the chain?

Hi, I am kx～

A digital nomad veteran who has been traveling around the world for 10 years.

In the context of increasingly stringent global cryptocurrency regulations, Singapore is quietly rising as the most competitive cryptocurrency financial center in Asia. As a fintech hub in Southeast Asia, the Monetary Authority of Singapore (MAS) has officially issued 33 "Digital Payment Token Service" (DTSP) licenses. The issuance of these licenses means that------the compliance threshold has been raised, and true crypto giants are emerging.

Today, I will take you through these 33 institutions to see which players have already obtained their "entry tickets" and who stands out in this regulatory reshuffle.

What does the Singapore DTSP license really mean?

DTSP is one of the highest-level cryptocurrency licenses granted by Singapore under the Payment Services Act. Licensed companies can not only legally conduct cryptocurrency-related businesses, including trading, custody, payment, and wallets, but also gain higher trust and cooperation opportunities from financial institutions.

In summary: Without this license, one is basically not considered a compliant player; obtaining it qualifies one to enter the "regular army" track.

Full list of 33 licensed institutions

1. Global leading institutions fully entering Asia: American crypto giants like Coinbase, Circle, Crypto.com, Ripple, Anchorage, etc., have settled in Singapore, not only to expand their markets but also to bet on "Singapore becoming a compliance bastion in Asia."

2. Local institutions rising rapidly: Local Singaporean companies like Coinhako, DTC Pay, StraitsX, FOMO Pay are gradually growing into important players in Southeast Asia, some even having central bank support and deep ties with local banks.

3. Cryptocurrency regulation moving from gray to transparent: The issuance of these 33 licenses not only establishes Singapore's position as a compliance benchmark but also sends a clear signal to other countries: Web3 is not unregulated; the key is the method and determination.

They can be subdivided into 5 tracks: exchanges, market making, custody, payment, stablecoins.

Analyzing each institution in alphabetical order:

1) Anchorage Digital Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Anchorage Digital is the first digital asset bank to receive a national bank charter (OCC) in the United States, focusing on compliant, secure, institutional-grade digital asset solutions.

Main Business Directions:

Custody Services: Providing high-security cryptocurrency custody with multi-signature and hardware isolation, designed specifically for institutions.

Trading and Clearing: Conducting on-chain trading and clearing directly within custody accounts without the need to transfer assets. Staking Services: Providing regulated staking yield services for supported blockchains.

Governance Participation: Assisting clients in participating in DeFi, DAO governance, etc. Core Advantages: Regulatory Compliance: Operating under dual regulation in the U.S. and Singapore, subject to strict oversight by OCC and MAS.

High Security: Security architecture based on hardware modules (HSM) and on-chain signatures, avoiding attacks on hot wallets.

Designed for Institutions: Serving clients including banks, funds, family offices, government funds, etc.

2) BitGo Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

The Singapore subsidiary BitGo Singapore Pte. Ltd. is an important landing point for BitGo in Asia.

Main Business Directions:

1. Institutional-grade crypto custody services: Multi-signature wallet (Multisig) / MPC wallet support / Supporting over 600 digital assets / Customized hierarchical access control and compliance audit functions for institutions.

2. Trading Settlement and Liquidity Services: Supporting on-chain custody account internal trading settlement / Connecting multiple exchanges and market makers, providing OTC payment counterparty clearing.

3. API Wallet and Wallet-as-a-Service: Developers can access its API interface to build wallet functionalities / Competing with Fireblocks and Anchorage in the wallet infrastructure market.

4. Compliance Reporting Support: Supporting FATF travel rule requirements / Providing on-chain transaction transparency, audit reports, and KYT (Know Your Transaction) services. Core Advantages: High Security: Multi-signature + MPC architecture, with no major attack history; Designed for Institutions: Serving clients including banks, funds, family offices, government funds, etc.

3) Blockchain.com (Singapore) Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Blockchain.com is one of the earliest brands in the crypto industry, founded in 2011, initially starting with a block explorer and light wallet services. It is one of the few integrated crypto platforms covering C-end wallets + B-end institutional trading + derivatives services + lending.

Main Business Directions:

1. Wallet Services (primarily non-custodial): Providing a non-custodial light wallet app (similar to MetaMask experience) / Supporting mainstream cryptocurrencies like BTC, ETH, USDT, USDC / Integrating DEX SWAP functionality.

2. Exchange Platform: Blockchain.com Exchange offers cryptocurrency and fiat spot trading globally / Features a simple UI, emphasizing compliance and security / Provides trading tools like limit orders and stop-loss orders.

3. Institutional Services: OTC block trading, lending (crypto collateral), options products / Has compliant KYC/KYB processes and on-chain tracking tools.

4. Yield Products: Users can earn interest by staking BTC, ETH, etc. / Similar to the Coinbase Earn model. Core Advantages: Blockchain.com’s uniqueness lies in being a compliant upgrade of the "old crypto brand" from the Web1 era, balancing wallet, platform, OTC, and institutional trading functionalities.

4) Bsquared Technology Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Bsquared focuses on bridging the gap between on-chain assets and traditional finance (TradFi), offering services that combine technical and liquidity capabilities.

Main Business Directions:

1. OTC Market Making: Providing market-making quotes for crypto assets to exchanges and institutional clients / Maintaining multi-currency bilateral liquidity, including stablecoins, BTC, ETH, etc. / Offering large order matching and structured trading strategies.

2. Crypto Payment Bridge: Providing crypto payment withdrawal channels for cross-border e-commerce, wallet apps, trading platforms, etc. / Converting USDT, USDC, and other stablecoins into local fiat currencies (e.g., SGD, USD, PHP) / Connecting local payment networks (e.g., FAST, PayNow) or overseas settlement systems.

3. API and Integration Services: Providing API interface support for connecting wallets, DApps, payment platforms / Allowing platforms to integrate their market-making/withdrawal capabilities in a "white label" mode. Core Advantages: Bsquared’s uniqueness lies in combining traditional "market maker" capabilities with "payment channel" capabilities, suitable for clients seeking compliant solutions for fiat <-> stablecoin conversions.

5) Circle Internet Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Circle is the issuer of the world's second-largest USD stablecoin, USDC (the first being Tether's USDT), and its business is subject to compliance scrutiny from regulatory bodies such as the U.S. Treasury's FinCEN, SEC, and Singapore's MAS. Circle's mission is to become the "digital dollar infrastructure" in the Web3 world.

Main Business Directions:

1. Asian Stablecoin Settlement Center: Introducing USDC into Southeast Asian exchanges, payment platforms, and DeFi projects / Promoting "regulated stablecoins" as an alternative to USDT in line with MAS compliance framework.

2. Supporting local Web3 enterprises in Singapore to collaborate with institutions like Xfers/StraitsX, Triple-A, FOMO Pay / Promoting the inclusion of USDC in local payment systems or cross-border e-commerce settlement networks.

3. Fiat Channel and Reserve Compliance: Managing the local reserve structure for USDC registered in Circle Singapore / Connecting to local banking systems, such as DBS, UOB, Standard Chartered for fund custody. Core Advantages: Circle is one of the most compliant, transparent, and ecosystem-supported stablecoin issuing institutions.

6) Coinbase Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Coinbase is one of the earliest compliant trading platforms in the U.S., founded in 2012 and went public in 2021, becoming the first pure crypto exchange listed on the U.S. stock market. It is seen as a "bridge company" between traditional capital and crypto finance. Coinbase views Singapore as a key node for its expansion in Asia, especially in the context of high regulatory pressure in the U.S. and a compliance-friendly environment in the Asia-Pacific region, making the role of Coinbase Singapore particularly important.

Main Business Directions:

1. Localized fiat deposit and withdrawal channels: Starting in 2023, supporting PayNow FAST SGD deposits / Connecting to Singapore's local banking system to facilitate USDC <-> SGD conversions / Providing SGD-denominated purchases of BTC-ETH-USDC and other assets.

2. Retail Investor Platform: Launching a compliant interface and risk warnings for local users in line with MAS requirements / Providing a simplified "buy-sell as a service" (Buy - Sell UX) experience.

3. Institutional Services: Localizing the launch of Coinbase Prime's services in Singapore / Providing custody, liquidity, and trading settlement for family offices, crypto funds, and financial institutions / Offering OTC and API access solutions.

4. Web3 Wallet and Developer Access: Coinbase Wallet supports user access to DApps, NFTs / Developer API / Wallet-as-a-Service modules open to Asian developers. Core Advantages: Coinbase's strengths lie in its "high compliance + global interoperability + local institutional services," especially suitable for retail investors with low risk tolerance and institutions needing regulatory endorsement.

7) DBS Vickers Securities (Singapore) Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

DBS is one of the first traditional banks to offer cryptocurrency services globally, leveraging its subsidiary DBS Vickers to provide trading and brokerage services, while also offering a tokenized asset platform and on-chain custody services through DBS Digital Exchange (DDEx).

Main Business Directions:

1. Digital Asset Trading: Supporting mainstream cryptocurrencies like BTC, ETH, XRP, BCH / Targeting institutions and specific qualified investors / Trading matching and settlement are completed within a closed platform (avoiding on-chain risks).

2. Digital Asset Custody: Integrating with DBS's existing private key custody structure / Multi-signature + cold-hot isolation + bank-level audit systems / Storage and settlement are completed within internal bank account structures.

3. Tokenized Asset Services: Issued multiple on-chain tokens for bond-like assets (e.g., private placement bonds, PE fund shares) / Providing "asset securitization + on-chain circulation" solutions for high-net-worth clients.

4. On-chain Clearing and Settlement: Supporting clients to complete on-chain atomic swaps of digital assets and fiat on the DDEx platform / Can connect to DBS's own payment system (similar to SWIFT/FAST). Core Advantages: DBS is one of the few compliance models achieving "bank + crypto platform" dual regulatory synergy. DBS's competitive advantage lies not in "the number of currencies" or "liquidity," but in: compliance that is extremely compatible with traditional financial operation processes, with sound internal funding, auditing, and settlement structures.

8) Digital Treasures Center Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

DTC Pay is a local Singapore company focused on compliant crypto payment solutions, dedicated to bringing Web3 payment experiences into mainstream business scenarios, especially emphasizing "merchant-side landing."

Main Business Directions:

1. Digital Currency Acquiring: Merchants can accept payments in USDT, USDC, ETH, etc., automatically converted to SGD/USD.

2. Payment Gateway API: Connecting e-commerce, SaaS, POS systems to enable on-chain payment capabilities.

3. Offline POS Terminal Payments: Customers can scan codes or transfer on-chain for crypto payments, with the system completing automatic conversion and settlement.

4. Deposit and Withdrawal Services: Providing crypto asset conversion to fiat (e.g., SGD, USD) or reverse recharge of stablecoins. Core Advantages: Compared to large institutions that only serve C-end wallets or market-making transactions, DTC Pay is more like a localized infrastructure that "integrates Web3 into life." As an MPI+DPT licensed institution, DTC Pay is one of the few in Singapore that can legally provide crypto payment services to third-party merchants, supporting crypto collection + local settlement + regulatory auditing throughout the process, having connected to Singapore's local payment networks like FAST and PayNow.

9) Fly Wing Technologies Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Matrixport, founded by Bitmain co-founder Wu Jihan, is a crypto financial platform that split from the mining business in 2019, headquartered in Singapore, and positioned as a "crypto bank." Fly Wing Technologies Pte. Ltd. is Matrixport's compliant landing vehicle in Singapore.

Main Business Directions:

1. DPT Services: Fiat-to-crypto exchanges (especially stablecoins like USDT/USDC/DAI).

2. OTC Market Making: Providing block trading quotes, mainly targeting exchanges and institutions.

3. Cross-border Settlement: Supporting Asian funds to settle through stablecoins.

4. High-net-worth Client Services: Custom fund management, crypto wealth management product allocation, and responding to leverage and lending needs. Core Advantages: Strong liquidity of stablecoins with direct connections to multiple exchanges and wallet platforms, strong OTC liquidity, supporting large product diversification, providing structured yield products, BTC/ETH lending, automatic staking, and other innovative wealth management options. Core clients are professional users, not retail, focusing more on institutions, market makers, fund providers, and wallet operators.

10) FOMO Pay Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

FOMO Pay initially started as an aggregation payment platform, similar to an "enterprise version of WeChat/Alipay acquiring system," early on serving local merchants (especially retailers targeting Chinese tourists). As the business expanded and regulations loosened, FOMO Pay gradually transformed into a compliant digital payment bridge, integrating fiat, cryptocurrencies, and central bank digital currencies (CBDCs) settlement and clearing solutions.

Main Business Directions:

1. Crypto Collection / B2B Payments: Supporting merchants to receive payments in USDT, USDC, BTC, ETH, etc. / Providing automatic fiat conversion and bank account deposit services / Suitable for e-commerce platforms, overseas companies, travel payments, etc.

2. Cross-border Settlement and Clearing Bridge: Supporting the conversion of fiat to stablecoins (like USDC) and cross-border transfers, or vice versa / Integrating networks like RippleNet - SWIFT - PayNow - FAST / Having settlement channels in Southeast Asia, Africa, and the Middle East.

3. Central Bank Digital Currency Integration (CBDC): Participating in projects like Project Orchid and MAS-promoted eSGD / Providing technical infrastructure for future CBDC acceptance and payments.

4. Multi-currency Acquiring Gateway (Fiat + Crypto): A single API supporting payments via Visa, Alipay, WeChat, USDC, ETH, etc. / Providing unified reconciliation, invoicing, compliance review, and AML reporting. Core Advantages: FOMO Pay is more inclined towards bank-level / B2B / cross-border enterprise clients, not retail wallets.

11) Foris DAX Asia Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Digital Payment Token (DPT) Services: Providing compliant cryptocurrency buying, selling, payment, exchange, and custody services in Singapore.

Crypto.com’s operational vehicle in the Asia-Pacific region: Serving as the legal compliance entity for Crypto.com in the Southeast Asia and Australia markets, supporting the brand's global layout.

Fintech Service Integration: Supporting core products of Crypto.com, such as exchanges, DeFi wallets, Crypto.com Visa cards, etc., to land in Singapore.

Core Advantages: Regulatory Compliance: Holding an MPI license issued by MAS, one of the few approved crypto institutions in Singapore, legally providing crypto services.

Rich Product Ecosystem: Supporting exchanges, NFT platforms, payment cards, Web3 wallets, etc., with complete on-chain and off-chain integration capabilities.

Technology and Security: Having globally standardized KYC/AML systems, smart contract audits, and risk control capabilities, focusing on user asset security and regulatory transparency.

12) GSR Markets Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Institutional-grade liquidity provision and market making: GSR provides deep liquidity and price support for trading platforms, token issuers, and large institutions, covering a wide range of digital assets.

OTC and programmatic execution services: Supporting block trades, cross-currency/cross-fiat OTC, and achieving efficient programmatic execution through API, with flexible service.

Risk management and quantitative trading strategy support: Utilizing quantitative models and risk control systems to formulate strategies and manage asset risks for institutional clients.

Financial technology service expansion: In addition to trading functions, GSR expands into investment and consulting, DeFi architecture consulting, asset management, and other directions.

Core Advantages: Global network and experience accumulation: GSR was established in 2013, with over ten years of experience in the digital asset market, serving global token issuers and exchanges, with a solid reputation and client relationships.

Professional liquidity and execution capabilities: Providing cross-200+ digital assets and 25 fiat currencies, quality execution, and price transparency, supporting API and UI access.

Diversified and innovative strategies: Expanding into areas like the Katana DeFi network, investment and consulting services, strengthening its bridging role between DeFi and traditional finance.

13) Hashkey Technology Services Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Institutional-grade OTC crypto trading services: Providing large spot trading services for institutions and qualified investors, covering mainstream crypto assets and fiat pairs, supporting one-on-one negotiated quotes or API execution.

Digital Payment Token (DPT) services: As a licensed entity, legally providing the receipt, exchange, and other services of digital payment tokens, compliant with the Singapore Payment Services Act. Fiat solutions: Providing fast conversion channels between fiat (SGD, USD) and crypto assets, helping institutions quickly enter and exit the market.

HashKey Group's compliance gateway in Singapore: Serving as an important node for HashKey Group in the Asia-Pacific region, undertaking the group's local compliance access for exchanges, asset management, Web3 infrastructure, and other services.

Core Advantages: Institutional service capability: High liquidity, T+0 settlement, customized quotes, etc., suitable for large trades and compliant inter-exchange fund allocation.

Group ecosystem synergy: Backed by HashKey Group, resource integration covers exchanges, asset management, tokenization, and infrastructure services, providing integrated advantages.

Strategic geographical advantage: Using Singapore as a bastion, linking the Southeast Asian market with the Hong Kong regulatory framework, forming a dual-center pattern in the Asia-Pacific region.

14) Hex Technologies Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Institutional-grade digital asset custody: Providing compliant and secure custody services for institutions, protocols, and financial institutions, including cold wallets and multi-signature mechanisms.

OTC trading and market services: Providing professional OTC trading matching, financing, fiat channels, etc., supporting integrated institutional asset allocation.

Staking services: Supporting institutional-grade staking solutions, including node validation, secure staking, and Validator-as-a-Service. Fiat and crypto asset bridging: Providing local and cross-border fiat deposit, withdrawal, and exchange services within MAS's regulatory scope.

Core Advantages: Strong custody security: Having a bank-level asset protection system, multi-signature mechanisms, and insurance support, particularly suitable for institutions and protocols.

Integrated comprehensive services: From custody to OTC to settlement, providing a closed loop of efficiency and compliance assurance for institutions.

Institutional market reputation: Recommended and supported by well-known projects and institutions, including Aave, Algorand Foundation, Animoca Brands, Hedera, etc.

15) Independent Reserve SG Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Digital asset trading platform (Spot Exchange): Providing spot trading services for crypto assets, supporting SGD, USD, AUD, NZD, and other fiat deposits and trading.

Institutional-grade OTC trading services: Providing OTC desk services for institutional clients and high-net-worth individuals, with trading volumes generally starting from SGD 50,000 to tens of millions.

API trading & advanced tools: Supporting API access, automated investing (AutoTrader), Fireblocks integration, dollar arbitrage, and other institutional features.

Fiat channel services: Providing PayNow, FAST (SGD), SWIFT (USD), and other deposit channels for instant or rapid fund arrival. Compliance and security services: MAS licensed, ISO 27001 certified, annual external audits, customer asset segregation, and 1:1 reserve commitment.

Core Advantages: Regulatory leadership: Independent Reserve is the first crypto exchange in Singapore to receive formal approval from MAS, with licenses covering DPT, remittance, and other services. Asset security assurance: Customer funds are completely segregated, not involved in lending or re-mortgaging, holding a complete 1:1 reserve, with major crypto assets stored in underground cold storage in Australia, and ISO 27001 certification ensuring system security.

16) JST Digital Trading & Technology Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Institutional market making and liquidity support: Providing market-making services for crypto assets, offering quotes and liquidity support for trading platforms and token issuers.

Customized trading and execution solutions: Providing OTC block trading, algorithmic execution, and structured trading services for institutional clients.

Digital Payment Token services (DPT): Holding MAS MPI approval, legally providing exchange and trading of digital payment tokens, crypto-fiat channel services.

Risk management and quantitative trading strategies: Utilizing traditional finance and quantitative trading experience to provide asset management, risk control, stablecoin solutions, and other value-added services.

Core Advantages: Financial professional experience: The founding team comes from traditional financial institutions, with years of market-making and trading experience, integrating established processes with crypto asset services.

Quantitative and structured capabilities: Providing programmatic execution, customized OTC, and quantitative strategy support, suitable for high-net-worth and institutional clients with complex operational needs.

17) MetaComp Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

OTC and digital asset trading services: Providing OTC trading and stablecoin redemption for enterprises, financial institutions, and payment platforms, supporting large one-on-one quotes and API access.

Cross-border fiat payment and FX infrastructure: The StableX platform supports stablecoin-driven cross-border FX liquidity aggregation, multi-currency exchange, and rapid settlement.

Digital asset custody and prime brokerage services: Integrating OTC, payment, custody, and prime brokerage functions through the CAMP platform, providing end-to-end asset management solutions for partners and platforms.

Compliance and fintech service support: Utilizing MAS licenses to provide compliance on-chain and crypto asset infrastructure access for FinTech, payment institutions, and traditional finance.

Core Advantages: Integrated platform capabilities: The CAMP platform integrates trading, payment, custody, compliance screening, and prime brokerage, providing end-to-end service experience for partners.

Stablecoin and FX architecture support: StableX provides cross-border FX and clearing capabilities centered on stablecoins, supporting multi-currency conversion and liquidity optimization.

Institution and enterprise-oriented: The model is P2B2C, focusing on enterprise, platform, and institutional clients rather than retail, addressing high-end asset management and payment process needs.

18) Moomoo Financial Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Securities and derivatives brokerage services: Holding MAS CMS license, providing brokerage services for securities, collective investment products, exchange-traded derivatives, OTC derivatives, and leveraged Forex contracts.

Wealth management and digital brokerage platform: Providing cross-border stock, ETF, bond, and options trading through the moomoo super-app, integrating real-time market data, analysis tools, and community features.

DPT services under Major Payment Institution: Providing services related to digital payment tokens, including crypto asset deposits and trading support.

Exempt financial advisory services: Offering investment product advice and report generation services, having legal advisory status for securities and derivatives.

Client access and trading infrastructure: Becoming a trading and clearing member of CDP, SGX-ST, SGX-DT, allowing users to participate directly in the Singapore local securities market.

Core Advantages: Backed by a listed group: Affiliated with Futu Holdings (supported by Tencent), possessing strong capital, technical background, and global operational experience.

Technology-driven platform experience: The moomoo platform supports 24/7 U.S. stock trading, stock screening, social community, financial education content, providing an integrated user experience.

Rich product offerings and educational attributes: Combining the platform's investment courses, news, and community interactions to enhance user investment confidence and stickiness.

19) OKX SG Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Cryptocurrency spot trading services: Local users can legally buy and sell crypto assets, complying with MAS's regulatory requirements for digital payment token trading.

Digital Payment Token (DPT) and cross-border remittance services: Providing SGD and other fiat and crypto asset exchange, transfer, and fund circulation services through licensed entities.

SGD deposit and withdrawal channel integration: Already integrated with DBS's PayNow and FAST instant SGD channels, providing local deposit and withdrawal experiences.

Localized operational team management: Appointing former Grab, MAS, and GIC executive Gracie Lin as CEO to enhance strategic and compliance operational capabilities.

Core Advantages: Global brand endorsement: Belonging to OKX, the world's fourth-largest crypto exchange, supporting over 50 million users, with international market and product strength.

Smooth local funding channels: Collaborating with DBS to achieve instant deposits and withdrawals via PayNow/FAST, enhancing user convenience and trust.

Platform technology and ecosystem advantages: OKX's parent company possesses mature exchange technology, Web3 wallets, and DeFi/NFT ecosystems, enabling global connectivity for the local platform.

20) Paxos Digital Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Stablecoin issuance services: Paxos Digital Singapore is responsible for issuing the MAS-approved USDG stablecoin (Global Dollar), compliant with the upcoming MAS stablecoin regulatory framework.

Digital Payment Token (DPT) services: Providing fiat and crypto asset exchange, payment, and transfer services to enterprise clients, under MAS supervision (MPI approval).

Bank custody cooperation: Collaborating with DBS Bank, which is responsible for the custody and cash management of stablecoin reserve funds, enhancing mechanism transparency and security.

Solutions for financial institutions and enterprises: Providing MAS-regulated stablecoin technology access and custody issuance capabilities, serving global enterprise clients for issuance and on-chain payment integration.

Core Advantages: Strong stablecoin governance capabilities: Paxos has experience issuing assets like PayPal USD (PYUSD) and Pax Dollar (USDP) globally; the USDG launched by the Singapore entity is the first locally compliant issuance under the MAS stablecoin regulatory framework.

Top-tier bank collaboration: Collaborating with DBS Bank, which provides institutional credit and regulatory compliance support for reserve asset custody.

Transparency and compliance: Stablecoin assets are supported by 1:1 reserves, with regular disclosure of reserve reports and third-party audits, meeting global regulatory standards and consumer protection requirements.

21) Paxos Global Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Stablecoin issuance support: Providing technical and custody support for stablecoins like PayPal USD (PYUSD) and Pax Dollar (USDP).

Cryptocurrency custody and trading settlement: Offering institutional-grade digital asset custody and clearing services through Paxos Settlement Service.

Blockchain infrastructure provision: Providing backend blockchain solutions for large financial institutions (e.g., PayPal, Mastercard, MercadoLibre).

Compliance tokenization: Providing compliant on-chain tokenization services for assets (e.g., precious metals, securities) (e.g., Pax Gold, PAXG).

Core Advantages: Strong regulatory qualifications: Holding MAS's MPI license in Singapore; in the U.S., regulated as a trust company (Paxos Trust Company), supervised by the New York Department of Financial Services (NYDFS).

Global institutional collaboration network: Partnering with financial giants like PayPal, Revolut, Mastercard, Interactive Brokers.

22) Revolut Technologies Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Digital payment and multi-currency accounts: RTSPL provides personal and business clients with multi-currency accounts, electronic money transfers, currency exchange, and international remittance services.

Digital Payment Token services (Cryptocurrency): As a DPT service provider, supporting the buying and selling of cryptocurrencies (subject to regulation under Singapore's PS Act).

Card scheme management and acquiring services: Supporting the issuance of prepaid Mastercard or Visa cards, merchant acquiring, account issuance, etc.

Insurance product agency: Providing travel insurance and other value-added services through MAS-registered agency status.

Core Advantages: Global brand support and local operational capability: RTSPL is the local operating entity of Revolut in Singapore, backed by the brand, technical strength, and global user network of its UK headquarters, while enjoying a legal basis for local business development in Singapore.

Diverse service capabilities: Covering not only traditional payment transfers but also crypto services, commercial acquiring, virtual/physical card issuance, and insurance agency functions, providing users with an integrated financial experience.

Flexible business model covering both B2C and B2B: Serving individual clients with consumption, transfer, investment, and other financial functions, while also providing merchant acquiring and cross-border payment infrastructure for business clients, with strong market coverage capabilities.

23) Ripple Markets APAC Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Digital Payment Token services (DPT): Providing regulated digital token services for crypto asset buying, selling, and fund transfers, formally authorized by MAS.

Enterprise-level cross-border payment and settlement: Utilizing RippleNet's blockchain technology to provide cross-border payment solutions supported by stablecoins + XRP for financial institutions, payment platforms, and enterprise clients.

Blockchain payment infrastructure development: Implementing Ripple's global architecture, bringing technology to the Asia-Pacific market, including software development and integration services (SSIC 62011).

APAC regional strategic hub: Serving as Ripple's main business center in the Asia-Pacific region, supporting local business expansion, customer service, and regional compliance communication.

Core Advantages: Backed by the global Ripple brand and technology ecosystem: Parent company Ripple has a cross-border payment network covering over 300 clients in more than 40 countries, with over 90% of its business occurring outside the U.S.

Integrating payment and crypto assets: Able to provide stablecoin payments, XRP liquidity support, and on-chain clearing services simultaneously; especially research-grade clients rely more on this integrated capability.

24) StraitsX Payment Services Pte. Ltd. / StraitsX SGD Issuance Pte. Ltd. / StraitsX USD Issuance Pte. Ltd. / Xfers Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Stablecoin platform services: As the issuing and distributing entity for MAS-compliant single currency stablecoins like XSGD, XUSD, and XIDR, providing institutions and enterprises with stablecoin minting, redemption, exchange, and cross-border payment channels.

Payment infrastructure output: Providing API-supported enterprise-level payment rails, including merchant acquiring, cross-border transfers, local payments, account and card issuance, etc.

Wallet and OTC services: Supporting users and institutions to buy and sell stablecoins in real-time, providing swap exchanges, OTC block trading, electronic wallet functions, and connecting crypto platforms with financial clients.

Cross-border QR code payments: Collaborating with partners like Alipay+ and GrabPay to achieve instant payment experiences for inbound tourists at Singapore merchants, using XSGD for immediate settlement, enhancing overall user experience and compliance transparency.

Core Advantages: Multi-currency stablecoin ecosystem: Issuing XSGD (Singapore Dollar), XUSD (US Dollar), XIDR (Indonesian Rupiah), supporting cross-chain issuance and on-chain payment swaps, highly compatible with MAS's new framework.

Strong collaboration network and market layout: Collaborating with DBS Bank for reserve asset custody; partnering with Alipay+ and GrabPay to co-build cross-border payment networks.

25) Sygnum Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Digital asset banking services: Providing institutional-level digital asset trading, custody, lending, staking, asset management, and tokenization platform services.

Brokerage trading platform services (DPT Brokerage): Leveraging MPI licenses to provide regulated crypto asset buying, selling, rapid settlement, and quoting services to Accredited Investors and Institutional Investors, supporting Fiat ↔ Crypto trading channels.

Compliance custody and asset services: Providing custody services, capital market product trading, fund management, corporate financial advisory, and security token custody under MAS and CMS regulatory structures.

Global operational network: As a digital asset center in the Asia-Pacific region, collaborating with entities in Switzerland, Abu Dhabi, Luxembourg, and supporting client services in over 65 countries and regions.

Core Advantages: Comprehensive compliance licensing system: Sygnum has positioned itself as a fully compliant digital asset bank since its inception, integrating the high-standard regulatory systems of Switzerland's FINMA and Singapore's MAS.

Institutional service capability and deep liquidity: The platform provides competitive pricing, deep liquidity, and rapid settlement trading experiences for professional investors, with one-on-one support from account managers.

Wide product portfolio and technological integration: Including custody, lending, staking, asset management, tokenization, and various institutional-grade digital asset functions, building a one-stop service platform.

26) Upbit Singapore Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Crypto trading platform for institutional and retail markets: As part of the Upbit APAC network, supporting the Singapore, Indonesia, and Thailand markets, providing localized trading channels and services for different customer groups.

Compliance-focused infrastructure operation: Following the Payment Services Act 2019, implementing compliance processes, KYC/AML, customer asset segregation systems, and prudent management mechanisms.

Connecting global and regional networks: Leveraging the strength of parent company Upbit APAC to support Travel Rule services (VerifyVASP), regional exchange operations, and institutional connections.

Core Advantages: Upstream and downstream ecosystem synergy: Connecting to the platform resources of parent company Upbit APAC, while supporting VerifyVASP, exchanges, and institutional projects in Southeast Asia, providing integrated compliant trading and infrastructure services.

Covering both institutional and retail markets: Supporting retail users and institutional clients simultaneously, with flexible product positioning to meet multi-layer market demands for deposits, trading, and settlement.

Robust brand and technical foundation: Backed by Upbit's headquarters in Korea, with technology, trading depth, stability, and security, complemented by a local compliance team in Singapore.

27) XREX Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Cross-border B2B payment and remittance solutions: Providing a cross-border payment platform XREX Pay for SMEs in emerging markets, supporting SGD, USD, and stablecoin (e.g., USDT, USDC) channels for fast low-fee settlements.

Blockchain-driven custody/escrow services (BitCheck): Utilizing digital escrow contracts, combining traditional payments with crypto assets, achieving fund release based on consensus mechanisms, enhancing security and transparency.

Comprehensive payment service functionality: MPI license covering account issuance, local and cross-border remittance, merchant acquiring, electronic money issuance, and digital token services.

Stablecoin and fiat interoperability: Supporting instant conversion and clearing between fiat and stablecoins, meeting different enterprises' funding needs for USD and on-chain assets.

Core Advantages: Innovative payment model: BitCheck and blockchain escrow: Providing a digital escrow contract mechanism through BitCheck, compatible with fiat and stablecoins, improving transaction transparency and flexibility, especially suitable for cross-border B2B scenarios.

Supporting USD liquidity for SMEs in emerging markets: Helping enterprises solve difficulties in obtaining USD, providing a simple and efficient fiat and stablecoin on/off-ramp, particularly suitable for Southeast Asia, Central Asia, and other markets.

28) Hako Technology Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Retail user crypto asset platform: Coinhako is a cryptocurrency wallet and trading platform for ordinary users, supporting the buying, managing, and storing of various digital assets, focusing on providing fiat ↔ crypto asset on/off-ramp services for the Singapore and Asian markets.

Digital Payment Token services and cross-border transfers: After obtaining the MAS MPI license, it can legally provide digital payment token (DPT) services and cross-border transfer functions, including SGD ↔ Crypto, Crypto ↔ SGD exchanges and asset custody.

High-net-worth and institutional services: Launching Coinhako Privé (targeting high-net-worth clients and institutions), providing dedicated account managers, zero trading fees, customized custody and trading strategies; also offering Coinhako Earn (yield products).

Infrastructure and ecosystem collaboration: Establishing partnerships with AWS, GrabPay, etc., to optimize technical stability, user experience, and expand payment access channels; participating in NFT, esports, and other digital cultural activities to enhance brand influence.

Core Advantages: Strong retail user base and brand recognition: By the end of 2021, Coinhako had approximately 400,000 registered users in Singapore, with a trading volume growth of 1200% in 2021. Coinhako has been recognized as one of Singapore's top financial applications.

Covering both retail and institutional clients with a multi-layer product line: Not only serving ordinary retail investors but also expanding into the high-net-worth and institutional markets through Coinhako Privé and Earn product lines, achieving a dual-driven B2C and B2B model.

Local innovation and financing endorsement: With a local startup background, it has received strategic financing support from entities including SBI Holdings and Sygnum Bank; and was recognized for its innovative impact by winning the financial services category award at the 2022 SBR National Business Awards

2. Business Positioning and Advantages

Main Business Directions:

Institutional-grade digital asset platform and system solutions: Providing services including digital asset trading, options products, fund management, and compliant custody tailored for financial institutions and family offices.

Innovative self-custody technology support: Obtaining MAS FSTI Innovation grant, collaborating with RigSec to deploy HSM-based enterprise self-custody solutions, achieving hardware-encrypted cold wallet management.

Integrated brand and regional consolidation: After being integrated into the Amber Group, consolidating platform functionalities, regulatory compliance, and service experiences, enhancing regional influence.

Core Advantages: Professional focus on institutions and accredited investors: Targeting family offices, high-net-worth individuals, and institutional clients, providing customized digital asset products, distinctly different from traditional trading platforms.

Technological and security innovation-driven: Introducing military-grade hardware security modules (HSM) to achieve self-custody solutions, meeting MAS's regulatory requirements for cold wallet security.

Global branding integration and expansion strategy support: Affiliated with Amber International (NASDAQ-listed company AMBR), leveraging global ecological resources to expand coverage in Asia and globally.

30) Triple A Technologies Pte. Ltd.

1. Company Overview

2. Business Positioning and Advantages

Main Business Directions:

Enterprise-level digital currency payment services: Triple-A provides enterprise payment solutions for e-commerce platforms, digital banks, electronic commerce, luxury goods, beauty, aviation, tourism, gaming, and creator economy industries, supporting digital currency (including stablecoins) collection, remittance, settlement, and instant fiat conversion.

Networked API and white-label solutions: Providing multiple channel access options (including API and no-code integration), supporting Pay-by-link, wallet top-ups, invoice payments, digital currency expenditure routes, and white-label trading systems.

Global cross-border payment network support: Operating in over 120 countries, serving over 20,000 merchants, reaching over 300 million digital currency holders.

Stablecoin and fiat interoperability: Achieving instant conversion between fiat and stablecoins, eliminating consumer price volatility risks while not requiring merchants to hold crypto assets.

Cross-chain and platform support: Supporting on-chain USDT, USDC channels on platforms like Arbitrum, providing merchants with low-fee, high-speed stablecoin payment options.

Core Advantages: Strong global B2B merchant network: Covering multiple industries such as e-commerce, luxury goods, travel, and gaming, collaborating with well-known brands like Coinbase, Farfetch, Alternative Airlines, Crypto.com, etc.

No volatility risk payment experience: Instant conversion of fiat when receiving cryptocurrency payments, allowing merchants to avoid price volatility risks while supporting efficient settlement and customs clearance processes.

Ecosystem integration and multi-channel support: Supporting API, no-code, white-label platforms, multi-currency stablecoins, and fiat payment channels, flexibly adapting to different client and industry needs.