Matrixport's subsidiary Fly Wing Receives In-Principle Approval for Major Payment Institution License in Singapore

SINGAPORE, Oct. 30, 2024 /PRNewswire/ -- Fly Wing Technologies Pte Ltd ("Fly Wing"), a wholly owned subsidiary of Matrixport, the world's leading and largest one-stop crypto financial services platform in Asia, today announced that it has received an in-principle approval ("IPA") from the Monetary Authority of Singapore ("MAS") for its Major Payment Institution License ("MPI license") application.

As a leading global financial centre, Singapore is a key market and jurisdiction in Matrixport's Global regulatory licensing strategy. The IPA marks an important milestone for Fly Wing's journey towards obtaining the MPI license, further strengthening its leading position as the premium Over-the-Counter (OTC) desk in Singapore.

John Ge, Co-founder and CEO of Matrixport, said, "Singapore, as one of the world's leading financial centers, has a positive and open attitude toward the emerging Web 3.0 industry and provides clear and definite regulatory framework for digital payment token services. We are very optimistic about Singapore's strong potential in the Web3 field. This will continue to empower us to provide more compliant and innovative financial products and services to eligible clients worldwide, and to fulfill our commitment to achieving the highest compliant operational standards in the jurisdictions where we operate."

Fly Wing can offer innovative Digital Payment Token services in a compliant and responsible manner, and will continue to optimize blockchain-driven Digital Payment Token services, helping more users easily enter the Web 3.0 industry. The company will also continue to work with global benchmark regulatory agencies to jointly create a compliant and secure blockchain financial ecosystem.

About Fly Wing Technologies Pte Ltd

Founded in 2019, Fly Wing Technologies Pte. Ltd. ("Fly Wing") is a wholly owned subsidiary of Matrixport, a leading digital asset financial services platform in Asia. Fly Wing serves a diverse clientele, including crypto miners, trading firms, investment firms, and high-net-worth individuals from both crypto and traditional finance. The company engages in OTC market making, facilitating over $100 million in monthly transactions and providing liquidity for major cryptocurrencies, as well as fiat on- and off-ramps.

Fly Wing has received the IPA from MAS for an MPI License to provide digital payment token service for OTC trading in Singapore.

Fly Wing official website: https://www.flywing.com/

About Matrixport

Founded in 2019, Matrixport is the world's leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With $6 billion in AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.

As a Group and through its local subsidiaries, Matrixport has received the Trust and Company Service Provider (TCSP) / Money Lender Licenses in Hong Kong, and the FINMA Asset Management License in Switzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member of Switzerland's FINMA SRO-VFQ. It was recognized by CB Insights as one of the "50 Most Promising Blockchain Companies" and featured in the Hurun "2024 Global Unicorn List." Additionally, Matrixport's subsidiary, Fly Wing, has obtained IPA for the MPI License in Singapore.

Matrixport official website: https://www.matrixport.com

source: Matrixport