Apifiny, a digital asset marketplace that seeks to enable institutional trading across multiple regulated exchanges, announced on Tuesday it has been granted an exemption by the Monetary Authority of Singapore (MAS) from holding a license under that country’s Payment Services Act (PSA).
Founded in 2019, Apifiny describes itself as a digital asset marketplace that facilitates access to regulated, global financial markets to provide superior liquidity, pricing, and faster order fills for institutions.
“We leverage the latest fintech innovations – primarily blockchain, high-speed trading, and smart order routing (SOR) – to bridge the crypto and traditional asset worlds. Our marketplace brings together Exchanges, Institutional Clients, Market Makers, Broker Dealers, and OTC Desks with a goal to transform the world by offering truly global transactions anytime, anywhere.”
Apifiny reported that with this exemption, it may provide digital payment token services to businesses and residents of Singapore through services such as GlobalX, an execution services platform that will provide professional traders with access to global digital asset exchanges via a single account. Speaking about the exemption, Haohan Xu, CEO and Founder at Apifiny, stated that satisfying the compliance requirements from MAS represents an “important step” it the platform’s APAC market expansion.
“We applaud the crypto-friendly environment that Singapore is cultivating, accompanied by a very clear and rigorous regulatory structure.”
Xu went on to add that the team also looks forward to bringing the Apifiny digital asset solution to the market while contributing to Singapore’s economic growth.