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Compliance

Providing a Fintech with Technical Support in Compliance with MAS TRM

Providing a Fintech with Technical Support in Compliance with MAS TRM

The Background

The client provides an asset tokenisation and investment management platform where investors can easily access, invest safely and transparently in asset-backed security tokens.

The client's operations fall under the MAS regulatory requirements. To continue its operations and provide a safe platform for its customers, the Client is required to hold a capital markets services (CMS) licence to conduct activities regulated under the Securities and Futures Act and comply with MAS Technology Risk Management and MAS Notice 655 Cyber Hygiene.

The client required a partner with expertise in technology risk and cybersecurity to support them in achieving the MAS licence.

The Process

Given the size and complexity of the project, Pragma worked closely with the client to understand the scope and resources needed. The first scope involved compliance implementation with MAS TRM and MAS Notice 655 Cyber Hygiene. Pragma's team produced and implemented policies, documents and checklists to support the client to be compliant.

Pragma then assisted in reviewing and fulfilling the required MAS CMS licence application forms and liaised with the authorities from the MAS on any queries during the application.

Pragma's security specialists performed penetration tests and vulnerability assessments to ensure the platform was resilient against cyber threats. Pragma also performed a mobile application security testing to identify vulnerabilities and a Source Code Review to identify any vulnerabilities in the application code.

The Result

The client not only met the regulatory requirements and achieved the MAS license but was able to increase its customer base by providing a functional and secure platform.

With the licence, the client can now provide real estate investment models for asset owners and investors by issuing asset-backed security tokens for fractional ownership in a regulated environment and is one of the first platforms to do so.

Tags:

Fintech
MAS (Monetary Authority of Singapore)
MAS TRM (Technology Risk Management)
MAS Notice 655 (Cyber Hygiene)
Compliance
CMS Licence
Policies and Documentation
Application Review
Penetration Testing
Vulnerability Assessment
Mobile Application Security Testing
Source Code Review
Resilience
Asset Tokenisation
Investment Management
Regulatory Requirements
Security Specialists

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