Coinbase Singapore Receives Major Payment Institution Licence from MASby Fintech News Singapore October 2, 2023
Coinbase Singapore has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). This follows its initial In Principle Approval and facilitates an extended offering of Digital Payment Token services in Singapore.
Singapore’s growing role in the crypto and Web3 economy is evidenced by its numerous Web3 companies and increasing public interest in cryptocurrencies.
In response to the market’s needs, Coinbase introduced features such as PayNow, FAST bank transfers, and an integration with SingPass for user onboarding. Additionally, they have provided no-fee USDC purchases using SGD for Singaporean clients.
Beyond product offerings, Coinbase has engaged with the Web3 ecosystem in Singapore, interacting with local tech hubs industry associations and making specific investments in the region. Their collaborations with local developers and institutions further their involvement in the country.