Tokenize is withdrawing from Singapore by September 30 after failing to approve MAS's digital payment token license - a year after raising $11.5 million in capital.

Tokenize is withdrawing from Singapore by September 30 after failing to approve MAS's digital payment token license - a year after raising $11.5 million in capital.

Tokenize withdraws from Singapore: No license for digital payment tokens

Tokenize, a digital payment services provider, has announced that it will exit Singapore by September 30, 2023. This decision was made after the company failed to obtain a digital payment token license from the Monetary Authority of Singapore (MAS).

The withdrawal comes exactly one year after a funding round in which Tokenize was able to raise $11.5 million. The lack of licensing from MAS represents a significant obstacle to the company's operational activities in the Singapore market. Singapore is considered one of the leading markets for fintech and digital currencies, which is why the lack of the license is a critical setback for Tokenize.

Tokenize's departure could also impact competition in the digital payments space in Singapore, as companies in the industry look to expand their services and meet regulatory requirements. The decision also highlights the challenges that fintech companies face when it comes to regulatory approvals and compliance.

This step backwards raises the question of how the fintech landscape in Singapore will develop and which companies will be able to acquire the necessary licenses to remain active in the market in the future.