Digital securities services provider Propine enters MAS fintech sandbox

PROPINE, a Singapore-based startup providing services for digital securities, was admitted into the Monetary Authority of Singapore's (MAS) FinTech Regulatory Sandbox and granted a conditional licence on Friday.

Propine acts as a custodian for blockchain-based digital assets. It offers a full range of services for institutions, such as custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations and regulatory reporting.

The startup's sandbox admission on Friday comes after it raised US$1.17 million in seed funding last November. Participating investors in that round included Singapore's Decacorn Capital, SGInnovate, LuneX (the cryptocurrency-focused arm of Golden Gate Ventures), and MTZ Holdings.

The MAS regulatory sandbox allows financial institutions and fintech startups to experiment with financial products or services in a supportive environment. It also includes safeguards to contain the consequences of failure and maintain the overall soundness of the financial system.

Tuhina Singh, chief executive officer and co-founder of Propine, said on Friday: "The sandbox is a major milestone for us as we move into a more organised and regulated world for blockchain."