MetaComp gets MAS licence for digital payment token services
Michelle Zhu
DIGITAL asset platform MetaComp has obtained full regulatory approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution under the Payment Services Act.
Effective December 2022, the licence will enable MetaComp to offer “a holistic, end-to-end suite of digital asset services to corporates as well as traditional and crypto-native institutional investors”, said the Singapore-based digital asset exchange on Thursday (Dec 1).
MetaComp was founded in 2018 under its parent company MetaVerse Green Exchange (MVGX), a digital green exchange.
MVGX holds a recognised market operator licence, as well as a capital market service licence for dealings in securities and collective investment schemes and providing custodial services, under Singapore’s Securities and Futures Act.
Together with its parent company, MetaComp said it can offer exposure to tokens backed by real world assets such as tokens backed by intellectual properties, supply-chain financing, as well as carbon credits in the form of a Carbon Neutrality Token designed with MetaComp’s proprietary protocols and blockchain technology.
Such exposure would effectively strengthen both parties’ positions as enablers of sustainable growth of the real-world economy, it added.
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MetaComp’s platform is built on the cloud and powered by the Nasdaq trading engine, while its customer due diligence is compliant with global “know your customer” and anti-money laundering frameworks as stipulated by the Financial Action Task Force.
It operates based on a platform-to-business partners-to-clients model with a focus on institutional and accredited investors as well as corporates.
Commenting on the latest regulatory action by MAS, MetaComp chief executive and co-founder Dr Bo Bai said the licence is “critical in imbuing even greater trust and integrity in Singapore’s domestic digital asset industry, enabling institutions to make the leap into the sector with confidence”.
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“With MetaComp now regulated as a major payment institution, we look forward to leveraging our unique set of regulatory licences to support traditional financial services in their transition towards embracing a new breed of digital financial services,” he said.
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