Hex Trust Secures Major Payment Institution License

Hex Trust Secures Major Payment Institution License from Monetary Authority of Singapore

Cryptocurrency custodian Hex Technologies Pte. Ltd. has received a Major Payment Institution License from the Monetary Authority of Singapore (MAS), enabling the company to offer cross-border money transfer services, including fiat on and off ramps.

According to a recent press release, the license allows Hex Trust to provide a “fully-integrated solution” that combines custody, over-the-counter trading, and settlement services for institutional clients. This milestone marks another significant regulatory achievement for Hex Trust in Singapore, where the company has previously secured approvals.

Key Benefits of the Major Payment Institution License

The license is expected to enhance Hex Trust’s offerings for institutional clients, solidifying its position in the Singapore market. The company’s CEO, Calvin Shen, emphasized the importance of Singapore as a “key market” for Hex Trust, citing the country’s well-established regulatory framework and commitment to innovation.

“Securing the MPI license is a testament to our team’s dedication to working closely with the MAS to meet its regulatory requirements. With a well-established regulatory framework and commitment to innovation, Singapore continues to drive institutional adoption of digital assets.”

Hex Trust has a strong track record of securing licenses and registrations in various jurisdictions, including Hong Kong, Dubai, France, and Italy. In 2021, the company obtained the Capital Markets Services license in Singapore, allowing it to provide custodial services regulated under the Securities and Futures Act.

Recent Funding and Future Plans

In February, Hex Trust secured a strategic funding round led by Morgan Creek Digital, with participation from global investors including Injective. The investment brought the company’s total funding to over $100 million, marking a “pivotal milestone” as Hex Trust prepares for its Series C raise anticipated later in 2025.

For the latest news and updates on cryptocurrency and digital assets, visit Global Crypto News.