The Monetary Authority of Singapore (MAS) has granted Digital Treasures Center (DTC) the Major Payment Institution (MPI) licence. Securing the full licence means DTC has exited from the exemption status and is now a fully regulated provider (MAS licence number: PS20200531) of Digital Payment Token (DPT) and other payment services under the Payment Services Act (PSA).
“We are excited to obtain the full licence from MAS. With the full licensing, we will continue to build on the good work that the team is currently doing while looking to expand our footprint globally starting from our ASEAN neighbours,” said Ms. Alice Liu, Chief Executive Officer and founder of DTC. “Our base in Singapore provides us with the unique competitive advantage in leverage the country’s strong business infrastructure, strong government support, innovation ecosystem and strong regulatory framework to allow us to expand our company.
Effect 1 August 2022, DTC will be providing the following payment activities under the MPI licence:
- Account Issuance Service – open accounts for merchants and consumers to accept and pay e-money and non-card transactions.
- Merchant Acquisition Service – enable merchants to leverage DTC services to accept and process payment transactions online and offline.
- Domestic Money Transfer Service – provide local money transfer services in Singapore.
- Cross-border Money Transfer Service – provide cross-border money transfer services globally.
- E-money Issuance Service – issue e-money for merchants and consumers.
- Digital Payment Token Service – facilitate transactions with digital payment tokens.
“We are grateful for the support and trust that our clients and community have given us over the years. We are optimistic about the future of cryptocurrency as a use case for payment. Over the past few months, we are seeing an uptick of enquiries and onboarding from merchants and companies from healthcare to music, F&B and automobiles on enabling crypto payments,” Liu said. “As crypto payment gains momentum, we are hopeful to see more merchants from various industries coming onboard to accept crypto as an additional form of payment.”