now loading...
Wealth Asia Connect Treasury & Capital Markets Europe ESG Forum TechTalk
TechTalk
MAS grants MetaComp licence to offer digital payment token services
Digital asset exchange seeks to bridge gap between traditional finance and crypto assets
The Asset 1 Dec 2022

MetaComp, a Singapore-based digital asset exchange, has received a licence from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution.

With the licence granted under the Payment Services Act, MetaComp, formerly known as Cyberdyne Tech Services, can offer digital asset services to corporates, as well as traditional and crypto-native institutional investors, thereby bridging the gap between traditional finance and crypto assets for its customers.

Unlike other industry players, MetaComp says it completed all its application and due diligence formalities, thus enabling MAS to grant full regulatory approval, as opposed to an in-principle approval notification. The firm joins leading players in the digital asset space including DBS Vickers and Independent Reserve in advancing Singapore’s ambitions as a global cryptocurrency hub, MetaComp says. 

Bo Bai, co-founder and executive chairman of MetaComp, comments: “We believe in the potential of tokenization 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.”

MetaComp’s digital asset exchange is built on the cloud and powered by the Nasdaq trading engine. It is backed by bank-grade, enhanced customer due diligence that is compliant with global KYC and AML (know your customer and anti-money laundering) frameworks as stipulated by the Financial Action Task Force. As such, the firm says, it enables accredited and institutional investors to enter the digital market with security and compliance.

Its parent company, MetaVerse Green Exchange (MVGX), is a digital green exchange that holds a recognized market operator licence and a capital market service licence for dealings in securities and collective investment schemes, and provides custodial services, under Singapore’s Securities and Futures Act. Under its capital market service licence, MVGX is also permitted to conduct dealings in over-the-counter derivatives and exchange-traded derivatives, to further enhance the firm’s overall financial offerings.

Together, both entities offer exposure to tokens backed by real-world assets, such as tokens backed by intellectual properties, by supply chain financing, and by carbon credits.

Conversation
Sajal Kishore
Sajal Kishore
senior director, head of Asia-Pacific infrastructure and project finance ratings
Fitch Ratings
- JOINED THE EVENT -
Webinar
Fitch on Vietnam: Navigating a Post-Pandemic World
Session I: Macroeconomic overview and infrastructure
View Highlights
Conversation
Boon-Hiong Chan
Boon-Hiong Chan
head of fund services and head of securities market and technology advocacy
Deutsche Bank
- JOINED THE EVENT -
Asset Servicing Leadership Series
How digital assets are transforming Asia's investment landscape
View Highlights