VCPlus gets MAS in-principle nod for capital market custodial services
Patricia Karunungan
CATALIST-LISTED fintech company VCPlus announced on Friday (Nov 18) that its subsidiary, Custody Plus, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services (CMS) licence.
Once granted, the CMS licence will allow Custody Plus to provide custodial services for capital market products, including tokenised securities.
VCPlus began diversifying away from its gold mining business after obtaining shareholder approval in April 2021.
Since disposing of its only mining asset in May 2022, the company’s sole business comprises the provision of custodial and consultancy services in the financial and blockchain technology sector.
The group said the in-principle approval marks a “strategic milestone” as it will provide customers additional assurance to custodise their digital assets with VCPlus.
Clarence Chong Heng Loong, chief executive of VCPlus, added: “This is a major step towards VCPlus’ vision to be a leading player in the growing digital assets ecosystem.”
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The company said it intends to work closely with its other stakeholders to “build an innovative and responsible digital asset ecosystem in Singapore and globally”.
Shares of VCPlus closed 28.6 per cent or S$0.002 lower at S$0.005 on Thursday.
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