Matrixport subsidiary Fly Wing has received in-principle approval for a major payment institution license in Singapore

ChainCatcher news, Matrixport announced that its Singapore subsidiary Fly Wing Technologies Pte Ltd ("Fly Wing") has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

It is reported that Fly Wing's clients include cryptocurrency miners, trading firms from both the crypto and traditional finance sectors, investment companies, and high-net-worth individuals. The company facilitates over $100 million in over-the-counter transactions each month and provides liquidity for fiat and mainstream cryptocurrency deposit and withdrawal services.