2nd August 2022, Kathmandu
Monetary Authority of Singapore (MAS) has granted Digital Treasures Center (DTC) the Major Payment Institution (MPI) license.
Securing the full license means DTC has exited from the exemption status and is now a fully regulated provider (MAS license number: PS20200531) of Digital Payment Token (DPT) and other payment services under the Payment Services Act (PSA).
“We are excited to obtain the full license from MAS. With the full licensing, we will continue to build on the good work that the team is currently doing while looking to expand our footprint globally starting from our ASEAN neighbors,” said Ms. Alice Liu, Chief Executive Officer and founder of DTC.
“Our base in Singapore provides us with the unique competitive advantage in leveraging the country’s strong business infrastructure, strong government support, innovation ecosystem, and strong regulatory framework to allow us to expand our company.
Effect 1 August 2022, DTC will be providing the following payment activities under the MPI license:
Account Issuance Service
opens accounts for merchants and consumers to accept and pay e-money and non-card transactions.
Merchant Acquisition Service
Enables merchants to leverage DTC services to accept and process payment transactions online and offline.
Domestic Money Transfer Service
provide local money transfer services in Singapore.
Cross-border Money Transfer Service
provide cross-border money transfer services globally.
E-money Issuance Service
Issues e-money for merchants and consumers.
Digital Payment Token Service
Facilitate transactions with digital payment tokens.
“We are grateful for the support and trust that our clients and community have given us over the years. We are optimistic about the future of cryptocurrency as a use case for payment.
Over the past few months, we are seeing an uptick of inquiries and onboarding from merchants and companies from healthcare to music, F&B, and automobiles on enabling crypto payments,” Liu said. “As crypto payment gains momentum, we are hopeful to see more merchants from various industries coming onboard to accept crypto as an additional form of payment.”
Digital Treasures Center Pte Ltd (“DTC”) is an enterprise payment service provider incorporated in Singapore with PCI-DSS level 1 certification and winner of the prestigious Fintech Partner Award at the Singapore Fintech Festival. Our payment solution – DTC Pay, offers clients and merchants the ability to receive and settle payments, including cryptocurrency.
DTC Pay is compliant, fast, secure, and cost-efficient. DTC is dedicated to building the payment infrastructure that would allow merchants and consumers to interact with fiat and cryptocurrency seamlessly.