Fly Wing Technologies, a wholly owned subsidiary of Matrixport, a one-stop crypto financial services platform in Asia, has on Tuesday announced that it has been granted the major payment institution (MPI) license by the Monetary Authority of Singapore (MAS).

Matrixport said in a statement that with this license approval, Fly Wing will continue building its role as a trusted over-the-counter (OTC) desk in Singapore.

This license follows the in-principle approval received in October, underscoring Fly Wing’s commitment to regulatory compliance and operational excellence.

“We are thrilled that Fly Wing has received its license from the MAS. This marks a significant step in our ongoing expansion across the Asia-Pacific region,

“We look forward to providing high-quality digital payment token services to users in Singapore,” said John Ge, Co-founder and Chief Executive Officer of Matrixport.

Having received its license from the MAS, Fly Wing is well-positioned to build a strong foundation for Fly Wing’s long-term growth, driving continuous innovation in the digital finance sector, said the statement.

It noted that moving forward, Fly Wing will continue to offer innovative Digital Payment Token services securely and transparently and will continue to optimize blockchain-driven digital payment Token services, enabling seamless access for users entering the Web 3.0 industry.

Founded in 2019, 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 services for customers to on- and off-ramp digital payment tokens, facilitating over $100 million in monthly transactions and providing liquidity for major cryptocurrencies.

The firm has received the MPI license from MAS to provide digital payment token services for OTC trading in Singapore.

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