Cumberland has secured a Major Payment Institution licence in Singapore to provide digital payment token and cross-border money transfer services.
The Monetary Authority of Singapore granted the licence to Cumberland SG Pte. Ltd. under the Payment Services Act.
Cumberland SG is the Singapore arm of Cumberland, the digital asset trading and liquidity business of Chicago-based trading firm DRW.
It provides market-making and liquidity services to institutional clients.
The full licence follows in-principle approval from MAS in March 2025, when the company was required to meet additional regulatory conditions before receiving final approval.
Cumberland said it plans to continue expanding its presence in Singapore.
Featured image: Edited by Fintech News Singapore, based on image by kensing via Magnific
