DTC is one of first few companies among the applicants to receive MAS’ approval to provide digital payment tokens
SINGAPORE, March 16, 2022 /PRNewswire/ — The Monetary Authority of Singapore (MAS) has awarded Digital Treasures Center (DTC), a next generation payment company, In-Principle Approval (IPA) to provide digital payment token service together with other payment services. Digital payment tokens are commonly known as cryptocurrency. DTC is among the first few applicants to receive the go-ahead to provide digital payment token services.
“We are delighted to receive MAS’ nod of approval. It is a testament of DTC’s strong compliance and regulatory culture. This demonstrates that DTC can comply with regulations around digital payment tokens and other payment services while achieving a sustainable business model,” said Desmond Yong, Chief Strategy Officer, DTC, who led the license application.
Once DTC has fulfilled all the criteria listed under the IPA, the company will be able to render the following payment services:
Account Issuance Service – open accounts for merchants and consumers to accept and pay e-money and non-card transactions. Merchant Acquisition Service – enable merchants to leverage DTC services to accept and process payment transactions online and offline. Domestic Money Transfer Service – provide local money transfer services in Singapore. Cross-border Money Transfer Service – provide cross-border money transfer services globally. E-money Issuance Service – issue e-money for merchants and consumers. Digital Payment Token Service – facilitate transactions with digital payment tokens.
With a license under the Payment Services Act to offer Digital Payment Token services, DTC will be able to provide fiat-to-crypto pairing. This allows merchants to accept cryptocurrencies—including Bitcoin, Ethereum and Tether—and convert them into fiat including SGD and USD.
Founded in 2019, DTC began as a Singapore payment company offering payment solution that enables merchants to connect online and offline payment, as well as accept cryptocurrency payments. Since then, DTC has serviced a diverse group of merchants ranging from finance to lifestyle industries. The company has helped transform how merchants accept payments to include cryptocurrency. DTC has also won numerous awards, including the prestigious Partners of FinTech award at the Singapore FinTech Award 2021, which recognizes innovation within Singapore’s payment industry.
“The crypto industry is a multi-trillion-dollar market experiencing exponential adoption rate with the growth of DeFi, NFT and Metaverse,” said El Lee, Chief Operating Officer and Co-founder of DTC. “We seek to empower merchants to do business globally by opening a secure payment gateway to seamlessly accept crypto, cash and card.”
From the back row, left to right: Ms Tracy Zhou, Chief Financial Officer, Mr Desmond Yong, Chief Strategy Officer, Ms Justine Jiang, Chief Compliance Officer, Mr Sam Lin, Chief Technology Officer, Mr El Le, Chief Operating Officer, Ms Alice Liu, Chief Executive Officer.
For media queries and interview requests, please contact:
Mr. Desmond Yong
Chief Strategy Officer
Digital Treasures Center
Mobile: (+65) 8889 7802
Email: desmond.yong@dtcpayment.com
About Digital Treasures Center
Based in Singapore, Digital Treasures Center (DTC) is a next generation payment company. The company is building the payment infrastructure and creating an enterprise-grade payment solution to empower consumers and merchants to interact seamlessly with fiat and cryptocurrency. DTC has received the highest data security compliance certification – Level 1 of the Payment Card industry Data Security Standard. The company has also received encryption systems certification and received Level 3 HSM security of the Federal Information Processing Standards. DTC provides merchants with an all-in-one point of sales for offline transactions, API connectivity for machine interaction and intuitive web-based solutions for those who prefer to operate out of DTC’s portal.
For more information on DTC, please visit dtcpayment.com
Profiles
El Lee
Co-Founder and Chief Operating Officer at Digital Treasures Center
El is the Co-Founder and Chief Operating Officer at Digital Treasures Center, and the winner of the Asia FinTech Leaders Awards 2019 and 2020. El drives the expansion of DTC business by acquiring key clients and striking strategic collaboration with complementary partners. He also looks at defining the key products and future roadmap for DTC, whilst ensuring smooth operations of the existing business model. He is an early adopter of crypto, who dedicates his time to improving the industry, often educating organisations and investors. Most recently, he spoke pro-bono at Global Bitcoin Festival 2022, alongside speakers like Michael Saylor and Kevin O’Leary. El established Singapore’s leading digital asset custodian prior to the payment gateway at DTC. He is a former investment banker and with extensive experience from previous banking stints at CIMB Group and J.P. Morgan. He is an alumnus of Singapore Management University, who founded the varsity’s Macintosh club and was a recipient of the Apple WWDC scholarship.
Desmond Yong
Chief Strategy Officer at Digital Treasures Center
Desmond Yong is the first hire at Digital Treasures Center where he serves as the Chief Strategy Officer. Desmond is also in charge of the company communications and government relations. He spearheaded DTC’s application for the MAS Payment Services license and handled all correspondence between the company and regulator. Prior to joining DTC, Desmond spent over 10 years in the public sector leading teams at the Ministry of Health, Ministry of Communications and Information. His last public-sector stint was with the Monetary Authority of Singapore. He is an alumnus of National University of Singapore and Nanyang Technological University. In his free time, Desmond enjoys volunteering as a mentor at an NGO for fresh graduates, where he helps guide them on their career paths and decisions.
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