Singapore, 19 Aug, 2024 –  Sparrow, a fully-licensed Digital Payment Tokens (DPT) service provider in Singapore, was awarded the Monetary Authority of Singapore’s (MAS) Financial Sector Technology and Innovation (FSTI) Innovation Acceleration (IA) grant on July 23, 2024, in partnership with RigSec. The FSTI IA grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.

Sparrow, a subsidiary of Amber Group, recognizes the need to balance regulatory compliance with operational efficiency and robust risk control. To address this challenge, Sparrow is adopting a state-of-the-art self-custody solution powered by hardware security modules (HSMs). This approach directly addresses the limitations of existing third-party custody services, which often struggle with limited risk control and reduced business efficiency.

By integrating RigSec’s HSM-based enterprise-level self-custody solution, Sparrow will deliver military-grade security for private key management and enhanced risk controls, ensuring Sparrow's customers' funds stored in the cold wallet are well-protected. These measures align with the MAS regulatory requirements for cold wallet storage. Furthermore, the solution's modular design will not only enhance security and efficiency for Sparrow but also aims to serve as a valuable reference model for other digital asset custody providers, promoting industry-wide advancements.

About Sparrow

Headquartered in Singapore, Sparrow provides a secure, compliant, and intuitive trading platform, along with bespoke digital asset solutions catering to individuals, financial institutions, and family offices. Established in 2018, Sparrow, through its entity Sparrow Tech Private Limited, holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This enables Sparrow to offer Digital Payment Token (DPT) services in Singapore under the Payment Services Act (PSA).

About Amber Group

Amber Group is a global digital asset leader headquartered in Singapore. Since 2017, we've built full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investing and infrastructure. Backed by top investors and with deep expertise in crypto and traditional markets, we leverage AI, blockchain and quantitative research to deliver personalized and cutting-edge solutions to help our global client base of HNW individuals, institutions, crypto funds, exchanges and projects optimize returns safely in any market conditions.