Fintech firm Sparrow obtains MAS licence to provide digital payment token services
Vivienne Tay
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Fed hike throws Singapore banks a margin lifeline; UOB likely to benefit more
He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons
Chagee, Mixue and Luckin won the market. Sustaining their edge is the harder part
Canada is upping oil flows to Asia, but South-east Asia’s refineries aren’t ready to handle them yet
