It was recently announced that Propine has been accepted into the Monetary Authority of Singapore’s FinTech Sandbox.
This move sees Propine join iSTOX as a participant within the sandbox. While the iSTOX is working towards serving capital markets, Propine will be testing their custodial capabilities within the program.
Over time, Propine indicates that their goal is to develop a comprehensive suite of services, tailor built for the digital securities sector. The following are a few the capabilities expected to be offered through the platform.
- Asset Servicing
- Trade Settlement
A ‘FinTech Sandbox’ typically refers to a structured program, built to allow for the testing of new technologies and approaches towards the industry. The purpose of such programs is to allow for innovation to flourish, while ensuring that the public retains high levels of protection at all times.
Tuhina Singh, the Chief Executive Officer and Co-founder of Propine, commented on acceptance into MAS’s Fintech Sandbox:
“We are extremely glad that we are going to be a part of the Fintech sandbox. Singapore is one of the most progressive economies in terms of support and in providing a platform for innovative solutions such as ours to experiment, build and thrive. The regulatory sandbox is a great step for us as we move into a more organized and regulated world for blockchain. A supportive initiative like this will propel the country’s rich history of innovation to much greater heights along with growing companies such as ours”
Founded in 2018, Propine is a Singaporean company, which operates within the digital securities sector. Building off of a specialty in custody services, Propine is actively developing a comprehensive suite of services surrounding digital securities.
CEO, Tuhina Singh, currently oversees company operations.
The Monetary Authority of Singapore is a regulatory body which wears multiple hats. Their roles include acting as, not only the nation’s central bank, but as the financial sectors regulator.
These roles mean that the MAS is responsible for, not only the economic growth of Singapore, but for ensuring the protection of investors through compliance measures enforced within banking, insurance, capital markets, and more.
In Other News
Over the past two years, Singapore has managed to establish themselves as a leader within digital securities. They have managed to do so through the use of programs such as the FinTech Sandbox described here today. The following articles are examples of forward thinking steps involving Singapore and the MAS.