Cumberland’s Singaporean arm, Cumberland SG, has announced receiving an in-principle approval (IPA) for the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).
“We look forward to expanding our presence in this important region, bringing our disciplined approach to compliance, proven market expertise and commitment to the digital asset ecosystem to counterparties in Singapore and beyond,” the company said in its 15 March post on X.
We are pleased to announce that Cumberland SG Pte. Ltd. has received in-principle approval for the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). We look forward to expanding our presence in this important region, bringing our disciplined… pic.twitter.com/G14XvB4VVg
— Cumberland (@CumberlandSays) March 18, 2025
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Cumberland Strengthens Presence In Asia
However, an IPA does not constitute a license at this juncture.
Cumberland said that while an IPA is not a full license, the MAS may issue a full license upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the application.
But, right now the MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.
Cumberland’s recent move comes shortly after the US Securities and Exchange Commission (SEC) dropped its unregistered securities case against the company on 4 March 2025.
Today we signed a joint filing to be made with the Securities and Exchange Commission (SEC) dismissing its case against Cumberland DRW. The filing was agreed in principle between Cumberland DRW and SEC staff on February 20 and is currently pending Commission approval. As a firm…
— Cumberland (@CumberlandSays) March 4, 2025
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