CWT INT'L (00521) announced that its non-wholly owned subsidiary Straits Millennium Pte Ltd, a member of Straits Financial Group (the group's financial services business entity), has officially obtained a Major Payment Institution (MPI) license under the Payment Services Act 2019, effective September 1, 2025, following in-principle approval from the Monetary Authority of Singapore (MAS) earlier this year.
The Major Payment Institution license enables Straits Millennium to provide cross-border remittance services and digital payment token services, facilitating the exchange between digital payment tokens and fiat currencies in financial markets.
The Board of Directors believes that through the provision of its licensed services, Straits Millennium will enhance connectivity between traditional financial markets - including derivatives and commodities sectors where Straits Financial Group possesses deep expertise - and emerging digital asset categories. By operating a regulated and efficient platform within a compliant and secure ecosystem, Straits Financial Group will position itself as a trusted and established financial services provider, meeting clients' growing demand for professional digital asset access, thereby complementing their existing trading and investment objectives.
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