PingPong, a payments company founded in New York that provides cross-border payments and foreign exchange infrastructure for businesses, said on July 6 that it had received in-principle approval from the Monetary Authority of Singapore (MAS) for a capital markets services license through Mana Markets (SG) Pte. Ltd.

If granted, the license would let PingPong offer over-the-counter foreign exchange derivatives to eligible Singapore-based clients to help them hedge against foreign exchange volatility.

MAS said dealing in over-the-counter derivatives is regulated under the Securities and Futures Act and requires a capital markets services license.

The approval is not yet a license.

MAS said it may issue a license only after specified conditions are met and if no material adverse developments arise.

PingPong already offers payment services in Singapore through its licensed Major Payment Institution, Mana Payment (Singapore) Pte. Ltd.

🔗 Source: PingPong