Hex Trust Granted Preliminary Approval for Digital Asset Custody Services in Singapore

Hex Trust has been granted in-principle approval for a Major Payment Institution license in Singapore, enabling it to offer digital payment token services including custody and OTC trading. This expansion aligns with Singapore's fintech development and strict regulatory standards. Hex Trust, having previously secured a custody license in September 2021, now meets Singapore's updated Payment Services Act requirements. The firm, with operations in Hong Kong, France, Italy, and Dubai, offers services to diverse financial entities and recently raised $88 million in a Series B funding round.

In a significant move to expand its digital asset services, Hex Trust, a prominent provider of digital asset solutions, has been granted in-principle approval for a Major Payment Institution license in Singapore. This license enables the firm to offer digital payment token services, including custody and over-the-counter (OTC) trading, in the city-state known for its strict regulatory standards and fintech development [1].

Hex Trust, which has previously secured a custody license in September 2021, has met the updated requirements of Singapore's Payment Services Act. The firm, with operations in Hong Kong, France, Italy, and Dubai, caters to diverse financial entities and recently raised $88 million in a Series B funding round [1].

The new license aligns with Singapore's commitment to fostering a robust and regulated digital asset ecosystem. With its stringent regulatory framework, the Monetary Authority of Singapore (MAS) aims to protect investors and promote innovation while ensuring that digital asset businesses operate in a secure and responsible manner [2].

As part of its strategic growth, Hex Trust has also entered into a partnership with Monad Labs, a developer-forward smart contract platform, to offer custody support for assets on the Monad blockchain [3]. This collaboration reflects Hex Trust's commitment to offering clients secure and innovative access to a wide range of digital assets.

Monad Labs, renowned for its exceptional scalability and robust technology, offers an Ethereum-compatible layer-1 blockchain with an innovative approach to Ethereum Virtual Machines (EVMs) [3]. Unlike traditional EVMs, Monad's parallelized architecture enables simultaneous operations, significantly enhancing performance and efficiency.

With this expansion, Hex Trust aims to continue providing institutional clients with secure, reliable, and innovative access to a diverse range of digital assets while complying with the highest regulatory standards.

References:
[1] Hex Trust. (2024, July 9). Hex Trust Partners with Monad Labs. [Link]
[2] Monetary Authority of Singapore. (n.d.). Payment Services Act. [Link]