The Monetary Authority of Singapore’s (MAS) FinTech Regulatory Sandbox has acknowledged PROPINE, a Singapore-based startup delivering services for digital securities and sanctioned a conditional license most recently. Propine is the first organization to get conditional approval by the Monetary Authority of Singapore to provide DLT based Digital Securities.
Propine sandbox confirmation comes after it has raised US1.17 million dollars last November in seed funding. Besides, the participating investors in last November seed funding comprised of Singapore’s SGInnovate, Decacorn Capital, MTZ Holdings, and LuneX (the cryptocurrency centered arm of Golden GATE Ventures).
Chief executive officer and co-founder of Propine, Tuhina Singh, said
The sandbox is a major milestone for us as we move into a more organized and regulated world for blockchain.
Propine functions as a custodian for all blockchain-based digital resources. Moreover, Propine offers a full scope of services for organizations and Institutions like asset servicing, custody, trade settlement, investor reporting, entitlement checks, statutory reconciliations, cap table management, and regulatory reporting.
The MAS regulatory sandbox permits financial establishments and fintech start-ups to explore different avenues regarding financial services and products in a supportive domain. It also constrains the outcomes of failure, and it keeps up the general integrity of the financial system.
Propine provides a storage solution for blockchain-based digital resources seamlessly and securely. Other than custody, they provide back-to-back services on securities, including but not constrained to facilitating settlement, entitlement checks, facility, and several more.
