FINTECH AND DIGITAL PAYMENT SOLUTIONS:

FinTech stands for Financial Technologies, and in its broadest definition, that’s exactly what it is: technologies used and applied in the financial services sector, chiefly used by financial institutions themselves on the back end of their businesses.  But more and more, FinTech is coming to represent technologies that are disrupting traditional financial services, including mobile payments, money transfers, loans, fundraising, and asset management.

The high usage of mobile devices and technology-based solutions is pushing the demand for financial and banking solutions, which can be accessed through personal devices. Banks and firms are investing heavily in technology-based solutions, competing with contemporary fintech companies. This is the key growth driver for the global fintech market, which will pin its worth at approximately USD 305.7 billion by 2023, at a CAGR of 22.17% during 2018-2023.

While many countries have been trying to adopt and attract fintech companies and ventures, the last few years have seen Singapore emerge as a centre of excellence for fintech startups. And industry experts predict that Singapore will see a surge in fintech adoption in the next few years due to systems already put in place.

Mr Liew Nam Soon, EY's managing partner for financial services in Asean, said at a press briefing in July last year: "In Singapore, we anticipate adoption to increase to 56 per cent... as awareness increases and the users gain greater comfort towards conducting financial transactions digitally. This is not surprising, given the vibrant fintech ecosystem - support from consumers, access to talent and capital, and governance."


Provision of License in Singapore:

If you are dealing in digital payment tokens or facilitating their exchange, Singapore welcomes you, but not without a license. Thus if you are considering setting up a payment service business or if your current business offers one or more of the payment services which are under the Payment Service Act (PSA)’s scope, you will be required to apply for one of the following three licences which our firm will be able to provide:

  1. Money-changing licence
  2. Standard payment institution licence
  3. Major payment institution licence

Other than payment institution license in Singapore, we are also able to help clients acquire a crypto exchange license in Europe at a significantly lower cost as compared to Malta should you require one. Currently the process of obtaining a cryptocurrency exchange license is a complicated and time-consuming process that requires a thorough preparation and certain experience from the side of an applicant.

Provision of License in EU

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We are ready to explain all advantages and disadvantages of possible jurisdictions, that currently issue licenses for crypto currency exchange. We will maintain the whole process of obtaining crypto licenses. As a result, you will have a working European company with a permit for exchange cryptocurrency.

Crypto Accounting and Tax Advisory

  • Able to provide Accounting Services for companies with digital crypto assets
  • Advisory to establish the right accounting policies and accounting system for your crypto currency
  • Assist to provide advisory, and tax planning services to achieve optimal tax structures for companies with digital crypto assets
  • Cryptocurrency tax for Individuals, Companies, Traders, Investors
  • Capital Gains on Crypto profits
  • tax relief on digital asset losses
  • VAT, GST, bitcoin taxes and taxation on those accepting virtual currencies as a way of payment

Digital Custodian Services 

In the emerging digital asset economy, depository and custodian services requirements are largely overlooked due to the lack of professional service providers and industry best practices and standards for custody services, particularly where the digital assets are not considered to fall within the securities laws and regulations.

However here at Tokenup Techonology, with our expertise and connections in these broad and diverse industries of traditional securities and digital asset management, cryptocurrencies and blockchain, cybersecurity and technology, legal and trust, we are able to assist in providing digital assets custodian services from Onchain Custodian and FuSang, which protect clients and investors from the risks associated with clearing, settlement, storing asset and during a digital asset transaction. At the core of the offering is enhanced AML/CFT policies, information technology & cybersecurity risk mitigation and strict protocols for the isolation and safekeeping of our client's assets. This ensures that each account and user created are able to stand up to any compliance standard.


Read More » Singapore Fintech Industry

Read More » Existing payment problems

Read More » Crypto accounting reporting and taxation standards