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Crypto group Amber zooms in on institutional, high net worth investors in Singapore

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Sparrow, which focuses on digital asset products such as spot, over-the-counter services and derivatives, will allow Amber to provide digital payment token services under the Payment Services Act 2019 to financial institutions, family offices and high net worth individuals.

Singapore has turned into a fertile ground for crypto players looking to tap the super rich who have flocked to the city in recent years.

ST PHOTO: GAVIN FOO

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SINGAPORE - Cryptocurrency group Amber,

which is downsizing as it raises funds,

is primed to move in on the institutional and high net worth investors with the planned acquisition of a Singapore-licensed fintech firm.

Market observers told The Straits Times weeks ago that the deal was with home-grown firm Sparrow, which announced in August that it holds a major payment institution licence from the Monetary Authority of Singapore (MAS).

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