MAS Fintech Sandbox ‘’Admites’’ Digital Securities Firm Propine
The startup grew $1.17 last year in a first round.
The Monetary Authority of Singapore’s on Friday granted a conditional license for operations of startup Propine and accepted digital securities in its fin-tech regulatory sandbox. In accordance with last, a faster option for eligible firms to test innovative financial services in the market for special regulated activities will be accorded.
Propine offers saving services for digital property. To its institutional client base, the company also offers multiple services involving cap table management, digital asset trading including custody, investor reporting, asset servicing, trade settlement, entitlement checks, regulatory reporting, and statutory reconciliations.
Tuhina Singh, CEO, and co-founder of the company made a speech:
“The sandbox is an important milestone for us as we aspire to a more organized and regulated world for blockchain.”
The startup closed its seed funding round last year after raising $1.17 million. Moreover, the resolution business model of the firm engaged investors like SGInnovate, Singapore’s Decacorn Capital, MTZ Holdings and LuneX.
MAS is one of the innovative regulators with a bullish point of view on the technology of blockchain. Most recently, the regulator also granted a capital markets services license to crypto bank Sygnum. This will allow the company to offer crypto-focused investment services to its clients. Particularly, the Swiss-wing of the bank also gained a banking license from the Swiss Financial Market Supervisory Authority to offer analogical services in the European jurisdiction.
Published at Sat, 09 Nov 2019 10:42:38 +0000