Personal finance startup MoneyHero marks its entry into the digital asset space through a partnership with OSL, while the Monetary Authority of Singapore has tightened rules on foreign-focused token service providers.
MoneyHero forays into digital assets with OSL partnership
Personal finance startup MoneyHero has formed a strategic collaboration with regulated digital asset platform OSL, according to reports.
The partnership marks MoneyHero’s entry into the digital asset space, enabling users to compare a wide range of financial products, including SFC-licensed digital asset accounts, alongside traditional offerings such as insurance, stocks, and bank accounts.
US-listed MoneyHero operates as a personal finance comparison platform and digital insurance brokerage in Singapore, Hong Kong, Taiwan, and the Philippines.
MoneyHero CEO Rohith Murthy said the collaboration highlights the company’s strong value proposition and its role as the leading digital acquisition partner for most banks across Greater Southeast Asia.
The company is backed by PayPal co-founder Peter Thiel; and Richard Li, chairman of Pacific Century Group, among others.
MAS tightens rules for foreign-focused token service providers
The Monetary Authority of Singapore (MAS) will require digital token service providers serving only overseas customers to obtain a licence starting June 30 under the Financial Services and Markets Act 2022.
MAS said licensing standards will be stringent and approvals are unlikely. The move targets higher money laundering risks linked to offshore-focused digital token services, particularly where substantive activity occurs outside MAS’s supervisory reach.
“The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, MAS is unable to effectively supervise such persons,” it said.
MAS said firms operating without a licence after June 30 must cease such activities. It has contacted potentially affected providers to discuss plans for an orderly wind-down.
The clarification follows MAS’s May 30 response to public feedback on its proposed digital token regulatory framework.
