Fintech firm Sparrow obtains MAS licence to provide digital payment token services

FINTECH player Sparrow has obtained a major payment institution licence from the Monetary Authority of Singapore (MAS) to provide digital payment token services under the Payment Services Act 2019.

Established in 2018, the Singapore-headquartered startup offers digital asset products and solutions. These include enabling PayNow transactions for institutional and high-net-worth clients who buy and sell cryptocurrencies using fiat on its trading platform.

It also works with financial institutions and family offices to design bespoke digital asset solutions, it said in a press statement on Monday (Aug 1).

Sparrow, which has acquired around US$10 million in Series A funding, is backed by 100X Group, FinLab EOS, Arrington XRP, Signum Capital and Du Capital. Most recently, it raised US$4.5 million from Gain Loyal, an investment company focusing on Asia real estate investments.