OKX, a global crypto exchange and Web 3 company, announced that its Singapore entity, OLX SG Pte. Ltd., has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). In separate news, Kenanga Group, through its asset and wealth management arm, Kenanga Investors Berhad, has taken an 8% stake in Helicap, a Singapore-based fintech platform, as part of Helicap’s Series B funding round.
OKX SG receives MAS payment licence
OKX SG, the Singapore entity of the global crypto exchange and Web 3 company OKX, has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). OKX SG had earlier received an in-principle approval for an MPI licence from MAS in February.
The MPI licence allows the company to offer digital payment tokens and cross-border money transfer services, including spot (buy and sell) trading of cryptocurrencies for customers in Singapore. The licence marks a significant milestone for OKX in Singapore, which is a core market in the company’s global development strategy.
To support local operations, OKX recently appointed Gracie Lin, former managing director of Grab’s regional strategy and economics team, as CEO of OKX SG.
Lin will oversee the company’s strategic initiatives, including the development of permitted digital token products and services tailored for Singapore customers. In a press statement, she said that Singapore is a world-class digital asset hub and an important market for OKX.
Kenanga Group leads Helicap’s Series B funding
Kenanga Group, through its asset and wealth management arm, Kenanga Investors Berhad (Kenanga Investors), has taken a stake of 8% in Helicap, a Singapore-based fintech platform operating in the alternative lending market, as part of Helicap’s Series B round.
Kenanga Group led this round alongside Saison Capital Pte Ltd, a CVC arm of Credit Saison. The group plans to increase its stake to around 10% soon, making it the largest institutional investor in Helicap.
This news also confirms a recent report by DealStreetAsia, which stated that Helicap had raised $4.3 million as part of its Series B round, according to filings with the Accounting and Corporate Regulatory Authority (ACRA).
Kenanga Group’s Managing Director Datuk Chay Wai Leong said this investment is a natural progression in the company’s digitalisation journey, potentially enhancing Kenanga’s lending and investment banking business seamlessly, such as providing loan book transparency, risk monitoring, and data-driven insights.
The partnership aims to leverage Helicap’s global network for offshore capital and facilitate co-origination and syndication efforts in Singapore and Malaysia. This collaboration is expected to create a state-of-the-art private credit business, combining Helicap’s strengths in private credit with Kenanga’s Group brand recognition and operation capabilities.
Since its founding in 2018, Helicap has deployed almost S$500 million, providing private credit investment opportunities to accredited and institutional investors in Southeast Asia.
