Hydra X Graduates MAS’ Sandbox, Secures Capital Markets Services Licenseby Fintech News Singapore March 3, 2022
Singaporean fintech Hydra X announced that it has been granted a Capital Markets Services (CMS) license by the Monetary Authority of Singapore (MAS).
The CMS license will allow Hydra X to deal in and provide custodial services for capital market products, including tokenised securities.
With this approval, Hydra X has also graduated from the MAS Fintech Regulatory Sandbox for the provision of custodial services after having complied with the regulatory standards and licensing conditions set by MAS.
Hydra X provides end-to-end infrastructure for the trading of tokenised assets, enabling businesses and institutional clients to adopt and scale within the digital capital markets.
Daryl Low, CEO of Hydra X said,
“This license will expand the range of services we are able to provide to our clients who are looking for ways to unlock value of their assets through tokenisation. The regulatory support provided by MAS via the sandbox framework has also played an important role in facilitating this development.
It has allowed us to commercialise our technology in a live environment as one of the first movers in this space, while providing sufficient regulatory oversight to encourage adoption amongst institutional clients.”
Sopnendu Mohanty, Chief Fintech Officer of MAS, said,
Digital asset services are emerging across the capital markets value chain to cater to growing demands.
We are delighted that the regulatory sandbox has enabled Hydra X to validate its digital custody solution for a nascent asset class, and congratulate Hydra X for the early graduation from the sandbox.”
Featured image: Edited from Unsplash