Moomoo Gains Approval for MAS License, Introducing More Cowbell

Moomoo Financial Singapore has gained an in-principle approval for a major payment institution license from the Monetary Authority of Singapore, which is the local regulator and central bank. The firm celebrated its first milestone on Wednesday by announcing its licensing achievement as the first digital broker of its kind in Singapore to gain regulatory authorization. This development starts the company's voyage towards full approval in the city-state, as per The Straits Times report. Gaining in-principle approval, Moomoo is taking steps to present its crypto services to both retail and institutional investors in the nation. The company had initiated the licensing process in May 2021 when its initial application was submitted to the regulator. At present, more than a dozen enterprises conducting various cryptocurrency-related trading activities have received complete permits for digital payment token operations in Singapore. One of these firms is Moomoo, a comprehensive trading platform bundled with a financial information app. The app offers trading without any commission fees. Moomoo is aiming to bring financial inclusion to the public by leveraging new technologies, such as artificial intelligence and big data, while also providing a crypto trading product. Gavin Chia, CEO of Moomoo Singapore, remarked that this was an important part of their strategy: By utilizing technology, we will provide an exceptional investing experience, helping investors advance their skills and construct portfolios that will lead to financial stability in the future and right now. Chia expressed appreciation for the increased enthusiasm in exchanging digital payment tokens on their platform, which was prompted by the most recent licensing success. Moomoo Financial Singapore, a subsidiary of Futu Holdings, was set up in March 2021; Futu Holdings is sponsored by Tencent, a Chinese tech behemoth, and is ready to take up a major role in the altering cryptocurrency scenery throughout the area. Moomoo and Futubull, both promoted by Futu, are available through the company's Chinese hub in Hong Kong. Recently, PantherTrade, a branch of the company situated in Hong Kong, made public that it has started filing for a license in the Chinese region. Moomoo Financial Singapore has recently received in-principle approval in preparation for Singapore’s transformation into a major cryptocurrency hub in Asia. The MAS has played a major role in making this happen by setting up Singapore as a primary digital asset centre. This is evidenced by the increase in crypto- and blockchain-related investments - with Statista reporting an astronomical jump from $109.75 million in 2020 to $1.2 billion in 2022. The survey conducted by Swiss crypto bank Sygnum demonstrated that 150 global institutional investors based in Singapore largely view cryptocurrencies as a long-term investment. This sentiment is further reinforced by the report published by PwC Singapore and the Singapore Fintech Association, which suggests that the payments industry is the most developed field of Singapore’s fintech. As Singapore continues to accept cryptocurrencies and blockchain technology, the pending license of Moomoo Financial Singapore adds to the expanding ecosystem, showing that the financial industry is increasingly recognizing the significance of digital assets.

Source: https://medium.com/@coinness.gl/moomoo-adds-more-cowbell-with-mas-license-approval-39d61613cd96?source=rss------fintech-5