Moomoo gets in-principle approval to offer digital payment token services

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Michelle Zhu

Published Wed, Dec 20, 2023 · 12:25 PM

Moomoo Singapore says it is the first digital brokerage in Singapore to receive in-principle approval for a major payment institution licence from the Monetary Authority of Singapore. PHOTO: REUTERS

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DIGITAL brokerage Moomoo Financial Singapore, or Moomoo Singapore, was awarded in-principle approval from the Monetary Authority of Singapore (MAS) for its major payment institution (MPI) licence application to provide digital payment token services.

On Wednesday (Dec 20), chief executive Gavin Chia said the company “will work closely with MAS to secure approval for a full licence soon”.

Moomoo Singapore noted that 15 companies in Singapore have been granted an MPI licence to offer digital payment token services, while another two hold a standard payments institution licence for the same.

Receiving in-principle approval for an MPI licence makes Moomoo Singapore the first digital brokerage in Singapore to do so, said Chia.

“Over the years, we have seen an increase in (the) volume of queries from our clients with regard to the trading of digital payment tokens on our platform.”

Moomoo Singapore is a wholly-owned subsidiary of Chinese fintech group Futu Holdings, whose largest investor is Tencent.

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