Asia’s leading cryptocurrency payments company TripleA has been granted a Digital Payment Token licence by the Monetary Authority of Singapore (MAS), the central bank of Singapore. TripleA is the first Standard Payment Institution to receive this licence.
The crypto licence awarded to TripleA allows the company to provide end-to-end cryptocurrency payment services for businesses, including crypto payments, crypto payouts, crypto remittances, and white-label crypto trading in the following licence categories: Digital Payment Token Services, Domestic Money Transfer Services, Cross-Border Money Transfer Services, and Merchant Acquisition Services.
Founded by Eric Barbier in 2017, TripleA has grown immensely since then and is globally recognized as a trusted digital payments service provider. This licence serves as a key pillar for consumers and businesses to conduct transactions with trust and security in place.
“We are elated by the news of being licenced by MAS. Singapore is one of the countries that openly support blockchain projects and cryptocurrencies. Being granted a crypto licence allows us to expand cryptocurrency access to more residents and also strengthen our positioning as a trusted and reliable crypto payments partner for businesses worldwide,” said Eric Barbier, CEO of TripleA.
With the prior licence exemption provided under the Payment Services Act, TripleA has demonstrated its capabilities as a trusted provider complying with MAS regulations, applicable to payment institutions and digital payment token service providers. More importantly, it has created a safe and secure crypto payment ecosystem for businesses. Now with the crypto licence, the company can accelerate its efforts in reaching largely untapped markets to facilitate crypto payments between businesses and people globally.
In October, DBS brokerage arm and an Australian crypto exchange Independent Reserve were granted the crypto licences. MAS received over 170 licence applications from digital payment token service providers, including global crypto exchanges such as Coinbase and Kraken. Digital payment token service providers are regulated primarily to prevent money laundering and terrorist financing (The Straits Times, 2021).
Most Singaporeans are positive about cryptocurrencies, research by Finder.com shows crypto adoption to be around 16% of its population in Singapore (which is of significant growth from early 2021 when TripleA research shows the Singaporean crypto adoption to be around 9.4%). In a survey by Toluna, 93% of Singaporeans had heard of crypto, 59% also believed that crypto would reach mass adoption.
As cryptocurrency adoption grows globally, TripleA aims to serve even more businesses worldwide as it truly believes that crypto is not going to be just a store of value but a valid alternative to traditional payment methods.
TripleA connects people with cryptocurrency and blockchain technology. It provides end-to-end crypto payments services, including crypto payment gateway for e-commerce, retail, and PSP; crypto invoicing for businesses; crypto top-ups for digital wallets; crypto payouts for marketplaces; crypto remittances for remittance providers; and white-label crypto trading for financial platforms.
With its easy setup, highly competitive exchange rate, and no-chargeback payment system, TripleA enables online and offline businesses to accept cryptocurrency payments with zero price volatility risk by converting them to local currencies in real-time. Founded in 2017, they help businesses increase their revenue by accessing the growing cryptocurrency users (300m+) community from all over the world.