Hex Trust, a Hong Kong-based digital asset custodian, has secured a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).
The CMS license allows the company to provide custodial services regulated under Singapore’s Securities and Futures Act.
Following the granting of this license, Calvin Shen, Head of Sales and Business Development at Hex Trust, will be relocating to Singapore to lead the business expansion of the new branch office.
The firm said in a statement that this move will enable banks and financial institutions to seamlessly integrate digital assets into their business operations in a secure, scalable and compliant manner.
Hex Trust added that it is actively scaling operations, hiring key talents across Hong Kong and Singapore as well as enhancing its licensing framework.
Established in 2018, Hex Trust is a fully licensed and insured financial institution that provides bank-grade custody for digital assets.
In March 2021, Hex Trust secured US$6 million from its Series A funding along with an investment from the Hong Kong Government’s fintech hub, Cyberport.
Earlier this month, Hex Trust announced their partnership with Union Bank of the Philippines who appointed them as its digital asset custodian.
Alessio Quaglini
“This achievement marks a strategic milestone in line with our mission to secure full compliance and regulatory recognition for our bank-grade digital assets custody services, uniquely positioning us at the forefront of this growing sector of Singapore’s financial services industry.
We are fully committed to expand in this market and to serve as strategic partners to financial institutions and digital asset natives, providing the highest level of security and compliance for digital assets as adoption continues to increase rapidly.”
said Alessio Quaglini, CEO and Co-founder of Hex Trust.
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