Triple-A, the First Digital Currency Payment Company to Be Licenced by MAS

Triple-A, the leading digital currency payments company, has been granted a Digital Payment Token license by the Monetary Authority of Singapore (MAS), the central bank of Singapore. Triple-A is the first Standard Payment Institution to receive this license.

The digital currencies license awarded to Triple-A allows the company to provide end-to-end digital currency payment services for businesses, including digital currency payments, digital currency payouts, digital currency remittances, and white-label digital currency trading in the following license categories: Digital Payment Token Services, Domestic Money Transfer Services, Cross-Border Money Transfer Services, and Merchant Acquisition Services. 

Founded by Eric Barbier in 2017, Triple-A has grown immensely since then and is globally recognized as a trusted digital payments service provider. This license 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 licensed by MAS. Singapore is one of the countries that openly support blockchain projects and digital currencies. Being granted a digital currencies license allows us to expand digital currency access to more residents and also strengthen our positioning as a trusted and reliable digital currencies payments partner for businesses worldwide," said Eric Barbier, CEO of Triple-A.    

With the prior license exemption provided under the Payment Services Act, Triple-A 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 digital currencies payment ecosystem for businesses. Now, with the digital currencies license, the company can accelerate its efforts to reach largely untapped markets and facilitate digital currency payments between businesses and people globally.

In October, DBS brokerage arm and an Australian digital currencies exchange, Independent Reserve, were granted the digital currencies licenses. MAS received over 170 license applications from digital payment token service providers, including global digital currencies 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 digital currencies; research by Finder.com shows digital currency adoption to be around 16% of the Singaporean population (which is a significant growth from early 2021, when Triple-A research shows Singaporean digital currency16% of its population). In a survey by Toluna, 93% of Singaporeans had heard of digital currencies, and 59% also believed that digital currencies would reach mass adoption. digital currencies adoption to be around 9.4%). In a survey by Toluna, 93% of Singaporeans had heard of digital currencies, 59% also believed that digital currencies would reach mass adoption. 

As digital currency adoption grows globally, Triple-A aims to serve even more businesses worldwide as it truly believes that digital currencies is not going to be just a store of value but a valid alternative to traditional payment methods.