Straits Millennium Receives Singapore Payment License for Digital Asset Trading
Straits Millennium, the digital asset arm of Straits Financial Group, has received a Major Payment Institution license from Singapore's central bank, authorizing the firm to provide cryptocurrency trading services to institutional clients, the company announced in a statement on Monday.
The Monetary Authority of Singapore (MAS) granted the license under the Payment Services Act 2019, following an in-principle approval announced earlier this year. The authorization allows Straits Millennium to facilitate exchanges between digital payment tokens and fiat currencies on a regulated basis.
Straits Financial Group operates across commodities, derivatives, and financial brokerage services globally. The MPI license enables the group to extend its traditional finance expertise into digital assets, targeting institutional investors seeking professional access to cryptocurrency markets.
The platform will offer competitive trade execution, multi-currency on/off-ramp services, voice trading capabilities, API connectivity, and same-day settlement through local banking partnerships. Straits Millennium emphasized its focus on compliance, security, and institutional-grade risk management in its service approach.
Group CEO Jeremy Ang said clients increasingly seek professional digital asset access to complement trading and investment strategies. Head of digital assets Chew Min Wei highlighted the firm's plan to apply its traditional finance client relationships to the crypto sector.
The license approval comes as Singapore maintains its position as a leading jurisdiction for regulated crypto businesses in Asia. MAS has established comprehensive licensing requirements for digital asset service providers, attracting international firms seeking regulatory clarity.
Straits Millennium's entry adds to the growing number of traditional finance firms expanding into regulated crypto services in Singapore. The company said it has increased its team size by 40% year-over-year, hiring across compliance, operations, and client coverage as it builds its digital asset capabilities.
You May Also Like
Provenance Blockchain (HASH) Jumps 23.8% as Trading Volume Reveals Supply Squeeze
Cryptos Signal Divergence Ahead of Fed Rate Decision
