The approval completes a process that began with in-principle clearance in March and lets Cumberland SG offer regulated digital payment token and cross-border transfer services in Singapore.
Cumberland said its Singapore subsidiary, Cumberland SG Pte. Ltd., has obtained a Major Payment Institution license from the Monetary Authority of Singapore, allowing it to provide Digital Payment Token and cross-border money transfer services under the Payment Services Act. The approval completes a licensing process that began with in-principle approval in March, when MAS said the company had met initial requirements but still needed to satisfy further conditions before receiving a full license. Cumberland, the crypto trading and liquidity arm of Chicago-based DRW, said the license supports its expansion in Singapore, which it described as a high-standard jurisdiction for digital-asset regulation. The decision comes as MAS continues to approve compliant crypto firms while maintaining close oversight of the sector, including this year’s revocation of Bsquared Technology’s MPI license and the addition of Bybit Fintech Limited and its trading platform to the Investor Alert List in June. In March, the U.S. Securities and Exchange Commission also dismissed its enforcement case against Cumberland.