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.”