Digital asset trading firm Straits Millennium granted Singapore payment license for digital currency transactions

Straits Millennium, a digital asset arm of the globally operating Straits Financial Group, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license was granted under the Payment Services Act 2019, further solidifying Singapore's position as a leading jurisdiction for regulated crypto businesses in Asia.

The MPI license authorizes Straits Millennium to provide cryptocurrency trading services to institutional clients, marking a significant step for the firm as it targets institutional investors seeking professional access to cryptocurrency markets. This move adds to the growing number of traditional finance firms expanding into regulated crypto services in Singapore.

Straits Millennium emphasizes its focus on compliance, security, and institutional-grade risk management in its service approach. Head of digital assets Chew Min Wei highlights the firm's plan to apply traditional finance client relationships to the crypto sector. Group CEO Jeremy Ang states that clients are seeking professional access to digital assets to complement trading and investment strategies.

The platform offered by Straits Millennium will provide competitive trade execution, multi-currency on/off-ramp services, voice trading capabilities, API connectivity, and same-day settlement through local banking partnerships. This authorization allows Straits Millennium to facilitate exchanges between digital payment tokens and fiat currencies on a regulated basis.

Straits Millennium's entry into the regulated crypto services landscape in Singapore is noteworthy. The firm has increased its team size by 40% year-over-year, hiring across compliance, operations, and client coverage as it builds its digital asset capabilities. MAS has established comprehensive licensing requirements for digital asset service providers, attracting international firms seeking regulatory clarity.

The MPI license enables Straits Financial Group to extend its traditional finance expertise into digital assets. Straits Financial Group operates globally in commodities, derivatives, and financial brokerage services. The MPI license, following an in-principle approval announced earlier this year, was granted to Straits Millennium, further strengthening Singapore's reputation as a hub for regulated digital asset services in Asia.