Switcheo, a non-custodial exchange platform, has announced that it received the FinTech certificate as a blockchain and distributed ledger technology provider from the Singapore FinTech Association (SFA). The FinTech certificate indicates that a company passes the qualification requirements of the Monetary Authority of Singapore (MAS), which is the country’s central bank and financial regulator.
Other notable blockchain-oriented companies that have received the FinTech certificate include OnChain Custodian, the Ledger wallet, Morpheus Labs, UpBit exchange, Bluzelle database service for dApps, and others.
The Singapore FinTech Association (SFA) is a non-profit organization that seeks to bridge companies across various industries (e.g. blockchain, legal services, big data and analytics, investment platforms, and personal finance management). Alongside its relationships with businesses, the SFA has more than 50 Memoranda of Understanding (MOUs) with associations and government bodies worldwide.
In a comment about establishing a thriving FinTech sector in Singapore, Ravi Menon, MAS managing director, said, “Singapore’s FinTech journey is about innovation, inclusion, and inspiration. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society.”
In its Tweet announcing the SFA FinTech certificate responses, Switcheo said, “we’re pleased to receive the FinTech certificate from the [SFA], it means a lot to us.”
The full announcement can be found at the link below: