Propine, described as a comprehensive securities services provider for digital securities, has been accepted into the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox. Singapore is a prominent Fintech hub and has pushed forward on the emerging digital security sector powered by distributed ledger technology. The Fintech Sandbox class commenced last week (November 8th).
Propine is a product of Entrepreneur First, backed by Decacorn Capital, LuneX, SG Innovate, and MTZ. The platform is said to be the first end-to-end securities services firm built for digital securities from the ground up. Propine expects to offer a full range of services including custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations, and regulatory reporting.
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Tuhina Singh, the Chief Executive Officer and Co-founder of Propine, commented on acceptance into MAS’s Fintech Sandbox:
“We are extremely glad that we are going to be a part of the Fintech sandbox. Singapore is one of the most progressive economies in terms of support and in providing a platform for innovative solutions such as ours to experiment, build and thrive. The regulatory sandbox is a great step for us as we move into a more organized and regulated world for blockchain. A supportive initiative like this will propel the country’s rich history of innovation to much greater heights along with growing companies such as ours”
The Fintech Sandbox was created in 2016 and is an environment for Fintech experiments to experiment alongside the helpful eyes of the regulator. If the service is deemed successful, the Sandbox participant will be allowed to deploy the service in Singapore on a wider scale.
Propine said that owing to the robust plan presented by the company, the regulatory sandbox of MAS will feature Propine as the provider of custodial solutions under controlled regulations which would enable a smooth transition into large scale deployment of the technology and the solutions in Singapore. Currently, there are only two companies in MAS’s Fintech Sandbox.