HashKey Capital Singapore, an investment arm of Hong Kong-based HashKey Group, announced at Singapore Fintech Festival 2022 that it received in-principle approval for the Capital Markets Services license from the Monetary Authority of Singapore (MAS) to operate in the city-state. 

On November 4, the firm stated in a press release that HashKey Capital Singapore will offer fund management services in the country. 

“Once the CMS license is granted, HashKey Capital will be able to offer its services to institutional and accredited investors," said Deng Chao, CEO of HashKey Capital Singapore, in a statement.  

At the point when a full license is conceded, it will permit HashKey Capital Singapore to offer services to accredited and institutional investors in the Lion City as an authorized fund manager, the organization said in a statement. 

HashKey Group established its project in 2018 and claims to have overseen more than $1 billion to date. HashKey Capital likewise got a permit from Hong Kong to manage a portfolio entirely made out of digital assets in September.  

The move comes as Hong Kong, Singapore’s traditional opponent in Asia for financial services, declared this week a series of policies to draw crypto firms in hopes of re-position itself as a digital assets hub. 

Singapore’s central bank, MAS (Monetary Authority of Singapore) has as of late been speeding up license approvals for crypto service providers. 

“Singapore is quickly becoming the region’s epicenter of Web3 innovation. Being recognized by the MAS as a licensed fund management company will allow HashKey Capital Singapore to contribute to and support the local Web3 community,” Deng Chao, CEO, HashKey Capital Singapore, said in the statement. 

HashKey Capital said it has put resources into over 500 global projects that incorporate Web 3.0 infrastructure, non-fungible tokens (NFTs), and the metaverse.