Fly Wing Secures In-Principle Approval for Major Payment License in Singapore

Luisa Crawford Oct 30, 2024 04:10

Fly Wing Technologies, a Matrixport subsidiary, receives in-principle approval from Singapore's MAS for a Major Payment Institution License, enhancing its position in digital payment services.

Fly Wing Technologies Pte Ltd, a wholly owned subsidiary of Matrixport, has been granted in-principle approval by the Monetary Authority of Singapore (MAS) for a Major Payment Institution License. This development signifies a crucial step for Fly Wing, strengthening its status as a leading Over-the-Counter (OTC) desk in the region.

Strategic Expansion in Singapore

Singapore, recognized as a major global financial hub, plays a pivotal role in Matrixport's regulatory licensing strategy. The in-principle approval (IPA) from MAS is a testament to Fly Wing's commitment to aligning with Singapore's regulatory framework for digital payment token services. John Ge, Co-founder and CEO of Matrixport, expressed optimism about Singapore’s progressive stance towards the Web 3.0 industry, highlighting the nation’s potential to empower compliant and innovative financial offerings globally.

Innovative Financial Services

With the IPA, Fly Wing is poised to enhance its Digital Payment Token services in compliance with regulatory standards. The subsidiary aims to facilitate easier entry into the Web 3.0 industry through its blockchain-driven services, while collaborating with global regulatory bodies to foster a secure financial ecosystem.

About Fly Wing Technologies

Established in 2019, Fly Wing Technologies serves a diverse array of clients, including crypto miners, trading firms, and high-net-worth individuals. The company is actively involved in OTC market making, handling over $100 million in monthly transactions and providing liquidity for major cryptocurrencies and fiat transactions. The recent approval for the MPI License will enable Fly Wing to expand its digital payment token services in Singapore.

About Matrixport

Matrixport, founded in 2019, is a leading digital asset financial services platform headquartered in Asia. The platform offers a comprehensive suite of services, including crypto trading, investment, and custody, with assets under management totaling $6 billion. Matrixport holds several regulatory licenses across Hong Kong, Switzerland, and the United States, reinforcing its commitment to regulatory compliance and innovation. Recognized by CB Insights and featured in the Hurun Global Unicorn List, Matrixport continues to advance its global presence.

For further details, visit the Matrixport Blog.

Image source: Shutterstock

• matrixport
• fly wing
• mas
• payment license