Tokenize withdraws from Singapore until September 30 after the license for digital payments of the MAS was not approved - one year after the capital recording of $ 11.5 million.

Tokenize withdraws from Singapore until September 30 after the license for digital payments of the MAS was not approved - one year after the capital recording of $ 11.5 million.

tokenize withdraws from Singapore: No license for digital payment stands

tokenize, a provider in the field of digital payment services, has announced that the company will be left Singapore by September 30, 2023. This decision was made after the company has not succeeded in receiving a license for digital payment stands from the Monetary Authority of Singapore (MAS).

The withdrawal takes place exactly one year after a round of financing, in which tokenize could collect $ 11.5 million. The lack of licensing by the MAS is a considerable obstacle to the company's operational activities in the Singapore market. Singapore is one of the leading markets for fintech and digital currencies, which is why the lack of license for tokenize is a critical setback.

The departure of tokenize could also have an impact on the competition in the field of digital means of payment in Singapore, since companies in the industry strive to expand their services and to meet the regulatory requirements. The decision also shows the challenges that FinTech companies face when it comes to regulatory permits and compliance with regulations.

With this step backwards, the question arises how the Fintech landscape in Singapore will develop and which companies will be able to acquire the necessary licenses in the future to stay in the market.