Hex Trust Receives Major Payment Institution License

Hex Trust has received a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), enabling cross-border money transfer services.

On March 6, cryptocurrency custodian Hex Technologies Pte. Ltd. announced this license acquisition, which allows the company to provide a “fully-integrated solution” that includes custody, over-the-counter trading, and fiat on/off ramps.

In a press release shared with crypto.news, Calvin Shen, CEO of Hex Technologies Pte. Ltd., emphasized Singapore’s importance as a “key market” for Hex Trust. He noted that this milestone enables the custodian to enhance its offerings for institutional clients.

> “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.”
> — Calvin Shen

Additionally, Hex Trust’s license acquisition marks another regulatory achievement in Singapore, where it previously obtained the Capital Markets Services license in 2021, allowing it to provide custodial services regulated under Singapore’s Securities and Futures Act. Hex Trust also holds licenses in Hong Kong, Dubai, France, and Italy.

In February, Hex Trust secured funding led by Morgan Creek Digital and other global investors, totaling over $100 million. This funding is considered a “pivotal milestone” as the company prepares for a Series C raise expected in 2025.

Read more: Hex Trust buys Byte Trading: Will institutional investors bite?