DTC obtains approval for digital payment token services in Singapore. Credit: WorldSpectrum from Pixabay.

Singapore-based Digital Treasures Center (DTC) has secured a major payment institution (MPI) licence from the country’s central bank to offer digital payment token (DPT) services.

This follows an in-principle nod from the Monetary Authority of Singapore (MAS) in March this year, which allowed the firm to run using an exemption under the Payment Services Act (PSA).

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Effective on 1 August 2022, the latest licence allows the firm to start providing DPT as well as other payment services as a fully regulated business under the MAS.

With the licence, DTC can offer account issuance service to support e-money and non-card payments for merchants and consumers.

It also enables the company to provide merchant acquisition service, allowing traders to accept and process both online and offline payments.

The licence also enables the firm to facilitate local as well as cross-border funds transfer.

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Besides, it helps DTC issue e-money for traders and clients, and conduct transactions using digital payment tokens.

DTC CEO and founder Alice Liu said: “With the full licensing, we will continue to build on the good work that the team is currently doing while looking to expand our footprint globally starting from our ASEAN neighbours.

“Our base in Singapore provides us with the unique competitive advantage in leveraging the country’s strong business infrastructure, strong government support, innovation ecosystem and strong regulatory framework to allow us to expand our company.”

She further said that the firm is “optimistic about the future of cryptocurrency as a use case for payment.”

The firm hopes to onboard more merchants as crypto demand picks up, added Liu.