Digital Securities Firm Propine Joins MAS Fintech Sandbox
- The startup raised $1.17 last year in a seed round.
The Monetary Authority of Singapore (MAS) on Friday admitted digital securities startup Propine to its fintech regulatory sandbox and also granted a conditional license for operations, the Business Times reported.
Under the regulatory sandbox, a faster option for eligible firms to test innovative financial products and services in the market for certain regulated activities will be provided.
Based in Singapore, Propine offers custodian services for digital assets. To its institutional client base, the company also offers multiple services involving digital asset trading, including custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations, and regulatory reporting.
Founded in 2018, the startup closed its seed funding round last year after raising $1.17 million. The permission business model of the firm also attracted investors like Singapore’s Decacorn Capital, SGInnovate, LuneX, and MTZ Holdings.
Bringing blockchain to the mainstream
MAS is one of the early regulators with a bullish point of view on the blockchain technology. Earlier this year, it partnered with the Bank of Canada to complete a test-run of a series of cross-border, cross-currency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term using blockchain technology with their own digital currency.
Most recently, the regulator also granted a capital markets services (CMS) license to crypto bank Sygnum. This will allow the company to offer crypto-focused investment services to its clients. Notably, the Swiss-wing of the bank also received a banking license from the Swiss Financial Market Supervisory Authority (FINMA) to offer similar services in the European jurisdiction.
The Monetary Authority of Singapore (MAS) on Friday admitted digital securities startup Propine to its fintech regulatory sandbox and also granted a conditional license for operations, the Business Times reported.
Under the regulatory sandbox, a faster option for eligible firms to test innovative financial products and services in the market for certain regulated activities will be provided.
Based in Singapore, Propine offers custodian services for digital assets. To its institutional client base, the company also offers multiple services involving digital asset trading, including custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations, and regulatory reporting.
Founded in 2018, the startup closed its seed funding round last year after raising $1.17 million. The permission business model of the firm also attracted investors like Singapore’s Decacorn Capital, SGInnovate, LuneX, and MTZ Holdings.
Bringing blockchain to the mainstream
MAS is one of the early regulators with a bullish point of view on the blockchain technology. Earlier this year, it partnered with the Bank of Canada to complete a test-run of a series of cross-border, cross-currency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term using blockchain technology with their own digital currency.
Most recently, the regulator also granted a capital markets services (CMS) license to crypto bank Sygnum. This will allow the company to offer crypto-focused investment services to its clients. Notably, the Swiss-wing of the bank also received a banking license from the Swiss Financial Market Supervisory Authority (FINMA) to offer similar services in the European jurisdiction.