Singapore grants in-principle license to Revolut

The Monetary Authority of Singapore (MAS) has granted in-principle approval to fintech firm Revolut to offer digital payment token (DPT) services under the Payment Services Act, according to media reports.

See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight

Fast facts

• Revolut Technologies Singapore Pte. Ltd. (RTS) is already licensed as a ‘Major Payment Institution’ in Singapore.
• The addition, a DPT license, will allow RTS to provide cryptocurrency services to customers in Singapore.
• Ravi Menon, managing director of MAS, said on Wednesday the central bank has granted licenses or in-principle approvals to 11 DPT service providers over the past two years.
• MAS has fully approved three DPT licenses in Singapore as of press time. 
• Menon said granting licenses to crypto asset service providers mostly depends on their ability to manage risks such as money laundering, terrorism financing, technology risks and public retail access.

See related article: Where does Singapore’s crypto policy go from here?