Singapore-headquartered Sparrow has obtained a license to provide digital payment token services in the city-state.
Sparrow has obtained a major payment institution licence from the Monetary Authority of Singapore (MAS) to provide digital payment token services under the Payment Services Act 2019, according to a statement.
This follows a speech in June during the Zurich-based Point Zero forum where Deputy Prime Minister Heng Swee Keat said three firms had obtained in-principal approvals for token licenses. At the time, Sparrow, cryptocurrency exchange Crypto.com, digital currency broker Genesis were reportedly the three recipients.
Sparrow was founded in 2018 and it offers a range of digital asset solutions including payment transactions for institutional and high-net-worth clients who buy and sell cryptocurrencies using fiat on its trading platform. It also designs bespoke digital asset solutions in collaboration with financial institutions and family offices.
