Blockchain Custodian accepted into Singapore’s Fintech Sandbox

Executive summary

  • Propine has been accepted into the Monetary Authority of Singapore (MAS)’s fintech sandbox.
  • Propine is a custodian for Blockchain-registered digital assets.
  • Currently only two participants in Singapore’s Fintech sandbox – Propene and iSTOX.

Details

  • Propine has been accepted into the Monetary Authority of Singapore (MAS)’s fintech sandbox.
  • The MAS is Singapore’s financial services regulator and central bank.
  • Acceptance into the sandbox will allow Propine to test it’s services in Singapore (under the watch of the MAS) without the licences it would usually need for a period of time. Allowing Propine to avoid having to immediately meet the eligibility requirements, wait for the normal licence approval process and incur the usual licence fee and compliance costs.
  • The fintech startup sandbox is intended to support fintech startups and to help the regulator learn about new possible financial services industry business models and products through their involvement.
  • Propine is a custodian for Blockchain-registered digital assets.
  • Marketed as a service to help institutional investors hold digital assets – Propene holds a digital key for the client’s digital assets on the client’s behalf. Enables, for example, firms to have multiple signatories required to transfer out assets – in a similar way that the firm might do to allow funds to be withdrawn from their traditional bank accounts. This is intended to help institutions reduce the risk of unauthorised transactions (such as mistakes or theft by individual employees), misplacement of access keys required to access the digital assets, or hackers getting access to the institution’s access key.
  • Asset managers may also need to use a service such as Propine’s to meet regulatory rules preventing asset management firms from holding their clients’ assets.
  • Propine is Singapore-based.
  • Propine raised $1.2m in seed funding in 2018.
  • Currently only two participants in Singapore’s Fintech sandbox – Propene and iSTOX.

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