Dear Pundians,

Earlier this year, the Monetary Authority of Singapore (MAS) announced the commencement of the Payment Services Act (PS Act) to enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments, including cryptocurrency payments. Today MAS has published a list of the applicants receiving the exemption at the MAS website.

In the meantime, the MAS has granted Pundi X Labs Pte Ltd an exemption from holding a license to operate both services commencing 28 Jan 2020. This exemption does not mean that we are licensed under the PS Act yet. Instead, MAS has permitted us to continue providing account issuance and digital payment token services in Singapore until such time we make our license application. The exemption will cease after 28 July 2020.

In compliance with the PS Act, we will be filing our license application to operate account issuance and digital payment token services by 28 July 2020.

Regards,

David Ben Kay
Chief Legal Officer
Pundi X Labs