Singapore-based digital asset platform MetaComp has received a licence from the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country.

It allows MetaComp to operate as a major payment institution in Singapore.

The licence, issued under the Payment Services Act, will see MetaComp offering the services from this month.

It enables MetaComp to provide corporates, conventional and crypto-based institutional investors with comprehensive digital asset services.

MetaComp executive chairman and co-founder Bo Bai said: “At MetaComp, we believe in the potential of tokenisation 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.

“This is a view that the MAS has equally held, evidenced by the robust regulatory frameworks that have enabled Singapore to position itself on the global stage as a trusted hub for digital asset innovators such as MetaComp to grow.”

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MetaComp’s digital asset exchange has been supported by bank-grade and customer due diligence that adheres to global KYC/AML guidelines laid down by the Financial Action Task Force (FATF).

Bai added: “In recent years, we’ve witnessed the rapid expansion and maturation of the digital assets ecosystem.

“Our team built MetaComp to serve as a compass guiding institutional investors and businesses in their long-term digital asset investment journey, setting them on the right path from the very start.

“The regulatory support from the MAS is critical in imbuing even greater trust and integrity in Singapore’s domestic digital asset industry, enabling institutions to make the leap into the sector with confidence.”