Cumberland SG Receives In-Principle Approval for Singapore Payment License

Cumberland SG, the Asia subsidiary of U.S.-based crypto trading firm Cumberland, announced on Monday that it has received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore. This approval signifies a significant step for the firm to expand its presence in Singapore, a key financial hub for digital assets.

The MPI license, once fully granted, will enable Cumberland to provide regulated digital payment token services in the city-state. Cumberland, a subsidiary of Chicago-based trading firm DRW, is a leading liquidity provider in the crypto market, offering over-the-counter trading services for institutional clients. The firm facilitates large-scale digital asset transactions and market-making activities across a range of cryptocurrencies.

“In-principle approval is a strong signal of confidence from MAS, but it does not constitute a license at this stage,” Cumberland stated. The firm remains committed to compliance and aims to bring its market expertise to counterparties in Singapore and beyond. The Monetary Authority of Singapore’s in-principle approvals indicate that a license may be issued once certain conditions are met and no adverse developments arise. MAS retains the right to revoke the approval if necessary.

Singapore has positioned itself as a global digital asset hub, with the regulator tightening oversight in recent years following the collapse of several high-profile crypto firms. Companies operating under the MPI framework are subject to stringent requirements, including capital adequacy and anti-money laundering compliance. Cumberland joins a growing list of crypto firms seeking regulatory approval in Singapore as it aims to solidify its position as a gateway for institutional digital asset trading in the Asia-Pacific region.

In October 2024, another firm received in-principle approval to offer digital payment token services and cross-border money transfer services. Similarly, in November 2024, a major crypto exchange launched instant Singapore dollar deposits and withdrawals for local customers following its receipt of a payments license from MAS in September. As of March 2025, MAS has issued a total of 29 digital payment token licenses, which includes several prominent firms.

Cumberland's entry into the Singapore market is timely, given the region's growing importance as a financial center. Singapore has been actively promoting itself as a hub for fintech innovation, attracting numerous global players with its supportive regulatory environment and advanced infrastructure. Cumberland's presence in Singapore will not only benefit the firm but also contribute to the region's financial ecosystem by bringing in new technologies and expertise.

The approval also highlights the increasing integration of digital payment solutions within the financial services industry. As more businesses and consumers adopt digital payment methods, the demand for secure and efficient payment services continues to rise. Cumberland's ability to meet this demand in Singapore positions it well to capitalize on the growing trend towards digital finance.

In summary, Cumberland's in-principle approval for a payment license in Singapore is a strategic move that aligns with the region's focus on fintech innovation. This development is set to enhance Cumberland's service offerings, strengthen its market position, and contribute to the growth of Singapore's financial technology sector.