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December 1, 2021

Crypto payment firm TripleA secures licence in Singapore

By Shalini mani

TripleA has received a Digital Payment Token licence from the Monetary Authority of Singapore (MAS), becoming the first Standard Payment Institution to get this licence.

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The licence allows the firm to offer end-to-end cryptocurrency payment services for businesses in the country, including crypto payments, crypto payouts, and crypto remittances.

It also enables the firm to offer white-label crypto trading in categories such as domestic money transfer services, digital payment token services, cross-border money transfer services, and merchant acquisition services.

Established by CEO Eric Barbier in 2017, TripleA was previously licensed in the country under the Payment Services Act.

According to the firm, the latest licence will help further advance its effort to tap into new markets to enable crypto payments between businesses and people globally.

Barbier said: “We are elated by the news of being licenced by MAS. Singapore is one of the countries that openly support blockchain projects and cryptocurrencies.

“Being granted a crypto licence allows us to expand cryptocurrency access to more residents and also strengthen our positioning as a trusted and reliable crypto payments partner for businesses worldwide.”

In October this year, MAS granted crypto licences to the DBS brokerage arm and the Australia-based crypto exchange Independent Reserve.

More than 170 digital payment token service providers, including crypto exchanges Coinbase and Kraken, had applied for the licence.

Last month, MAS granted payment institution licence to Australian cross-border payments start-up Airwallex under the Payment Services Act.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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