Fintech Industry Advocates for Prudence and Transparency in Singapore Cryptocurrency Marketplace

Transactions monitoring identified as a major key to safeguarding the Nation’s Financial credibility within the International community

Singapore – November 27, 2018 – Fintech Industry, in its letter to The Monetary Authority of Singapore (MAS) dated 18th of March, 2018 has advocated for strict monitoring of the stakeholders in Cryptocurrency market to enable prudence and transparency in the industry. This is aftermath of  the recently completed Initial Coin Offering (ICO) conducted by Singapore PolicyPal Network Pte. Ltd. (Singapore Company Registration Number: 201800311Z, “Policypal Network”) and its associate company Policypal Singapore Pte. Ltd. (Singapore Company Registration Number: 201724328b) which generated lots of controversies among the major players within the industry.

Fintech Industry also advised that the authority should henceforth embark on thorough screening of all the participating companies as this will go a long way to protect the image of the country from been tarnished. In order not to expose the general public to the risk of been defrauded, a thorough investigation should be launched into the activities of the stakeholders. Some of the areas to be investigated include unauthorized fund raising in breach of Singapore Securities and Futures Act (SFA), misrepresentation and fraudulent claims, unauthorized or misrepresented affiliation, etc.

“I have taken the liberty to post this letter on so that the issues can be made known to the general public in hope of such future exploits of investors could be avoided. I have plenty of hope for the blockchain and cryptocurrency technologies. However fraudulent and ill-intended practices need to be put to a stop to ensure the robustness and effectiveness of the Fintech industry,” says Martina Johnson, Fintech Executive.

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The good people of Singapore are anxiously waiting for swift response of The Monetary Authority of Singapore (MAS) with higher expectation of justice and sanction to be meted on any erring company, in order restore prudence in the industry and maintain its highest credibility.

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Company Name: Singapore Policypal Network Pte. Ltd.
Contact Person: Martina Johnson
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City: SINGAPORE 068895
Country: Singapore