SBI Digital Taps License to Operate in Singapore
SBI Digital Markets, a subsidiary of SBI Group, a leading Japanese financial services firm, has announced it has been granted the Capital Markets Services (CMS) Licence from the Monetary Authority of Singapore (MAS).
The new license will make the startup launch a series of digital assets products to further extend its stance as a financial service provider of note in the country.
The CMS license followed the In-Principle Approval that was granted to it back in May. As detailed by the platform, it will launch custodial services and a proprietary digital asset securities platform to help capture the market from both the private and public sectors.
“Being awarded this licence and the backing of the SBI group sends a message that we are a first-choice institutional digital asset securities issuance platform to financial institutions in the region,” said Winston Quek, Chief Executive Officer of SBI Digital Markets, “Singapore’s financial regulatory system is among the most respected in the world for its rigour and transparency, so MAS’s licence signals the standards at which we will operate to our potential partners.”
There has been a steady growth in the demand for crypto-related products over the past year. The solid regulatory clarity in Singapore, compared to other nations, has made the country one of the top destinations for crypto service providers looking to penetrate the Asian market. SBI Digital Markets comes off as one of the few players in the crypto industry to have been granted the CMS license thus far.
Backed by the highly blockchain-bullish SBI Group, which has a major influence on the Japanese financial scene. SBI Group boasts of having the highest number of securities accounts in Japan, and its solid financial base and expertise will help SBI Digital Markets excel in its push to maximize the new license from the Singaporean Central Bank.
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