According to TechFlow, Hex Trust, an institutional-grade cryptocurrency custodian, recently announced that it has obtained the in-principle approval for a major payment institution (MPI) license issued by the Monetary Authority of Singapore (MAS).

The license will allow Hex Trust to provide "digital payment token services" in Singapore, including custody and over-the-counter trading of digital payment tokens. Hex Trust co-founder and CEO Alessio Quaglini said the company is excited to strengthen its business in Singapore, a hub for fintech innovation.