Straits Millennium has received a Major Payment Institution license from the Monetary Authority of Singapore, clearing the way for it to offer regulated digital payment token services.

The license, granted under the Payment Services Act 2019, follows an earlier in-principle approval from MAS.

It allows the company to provide a regulated platform for exchanging digital payment tokens and fiat currencies, with competitive trade execution, adherence to industry best practices, and a focus on compliance, security, and institutional-grade risk management.

Straits Millennium is a subsidiary of Straits Financial Group, which operates globally in commodities, derivatives, and financial brokerage.

The approval extends the group’s services into the digital asset space, enabling businesses and institutional investors to participate in digital asset transactions through a regulated provider.

Jeremy Ang, Group CEO of Straits Financial Group, said,

“This is a key milestone for the Group to strengthen its offerings in bespoke financial services to our esteemed clients. Our clients increasingly seek professional access to digital assets to complement their trading and investment goals.

With our deep expertise in derivatives, commodities, and institutional financial services, we are well-positioned to deliver best-in-class digital asset services to the market.”

Chew Min Wei, Head of Digital Assets at Straits Millennium, added,

“We have built strong, lasting relationships with our clients in traditional finance, and now we are bringing that same client-centric approach to digital assets.”

Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik