The Monetary Authority of Singapore (MAS) has received over 300 requests for payments and crypto exchange licences, including applications from Alibaba and Google.

  • The MAS is working out how to speed up the application process, the authority's chief financial technology officer, Sopnendu Mohanty, said in an interview with Bloomberg.
  • Companies apply under the Payment Services Act, a comprehensive regulatory framework for companies handling activities relating to digital assets, including payments and trading.
  • Firms that have applied but are still awaiting approval may continue offering specific payment services while their application is processed.
  • Among them are Alibaba's various entities and Google's parent company, Alphabet.
  • "Giving licenses to somebody is a premium, it is not something to be taken lightly," Mohanty said. "We are ensuring that whoever gets an MAS license will be credible."
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