MetaComp can now offer regulated digital payment token services to its customers in Singapore having obtained a licence from the Monetary Authority of Singapore (MAS).
The MAS has granted a licence to MetaComp to provide digital payment token services as a major payment institution. The licencing falls under the regulator’s Payment Services Act.
MetaComp’s licence enables it to offer end-to-end digital asset services to corporate, traditional and crypto-native institutional investors.
Bo Bai, executive chairman and co-founder of MetaComp, confirms his belief in the potential of tokenisation. Its applicability ranges from enriching financial inclusion to amplifying the integrity of green finance initiatives.
“This is a view that the MAS has equally held,” says Bai. “This is evidenced by the regulatory frameworks positioning Singapore as a hub for digital asset innovators.”
The latest licensee
MetaComp offers a cloud-based digital asset exchange powered by the Nasdaq trading engine.
Compliant with the Financial Action Task Force (FATF) KYC/AML frameworks, MetaComp enables accredited and institutional investors to enter the digital market with confidence. MetaComp straddles the worlds of traditional finance across private equity, hedge funds and digital assets.
MetaComp’s efforts to drive token innovation are supported by the licences of its parent company MetaVerse Green Exchange (MVGX).
MVGX is a digital green exchange. It holds the Recognised Market Operator Licence and Capital Market Service Licence under Singapore’s Securities and Futures Act.
The licences enable MVGX to deal in securities and collective investment schemes and provide custodial services.
Under its Capital Market Service Licence, MVGX also conducts dealings in over-the-counter (OTC) derivatives and exchange-traded derivatives. This further enhances the firm’s overall financial offerings.
Together, both entities are able to offer exposure to tokens backed by real-world assets. This includes tokens backed by intellectual properties, supply chain financing, and carbon credits in the form of the carbon neutrality token (CNT).
The CNT leverages the company’s proprietary protocols and blockchain technology to facilitate cross-border trading of carbon voluntary emission reduction credits.
“In recent years, we’ve witnessed the rapid expansion and maturation of the digital assets ecosystem,” continues Bai.
He explains that MetaComp seeks to serve as a compass guiding institutional investors and businesses in their long-term digital asset investment journey.
Bai describes the regulatory support of MAS as “critical in imbuing even greater trust and integrity in Singapore’s domestic digital asset industry.”
Kristina Taylor is a highly knowledgeable journalist who has been following the financial news and cybercrimes space since 2011. She holds a degree in communication and media studies from Aarhus University and has always had a passion for writing.
Throughout her career, Kristina has become a well-traveled journalist within the industry and has contributed to many well-known publications. She has a keen eye for detail and is often found poring over white papers to gain deeper insights into the latest trends and developments.
Kristina’s extensive knowledge and experience in the field of finance and technology make her an invaluable contributor to Financial Magazine. She is highly respected in the industry and is known for her ability to break down complex concepts into easy-to-understand pieces for her readers.
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