22.10.2024 / Press Releases / News
Komainu agrees to acquire Propine in Singapore to expand its footprint in Asia Ex-Japan
The acquisition of Propine accelerates Komainu’s market presence in Singapore and South-East Asia
Jersey & Singapore, October 22, 2024 -- Komainu, the leading regulated custodian and service provider for digital assets, built by institutions for institutions, announces an agreement in principle to acquire Propine Holdings Pte Ltd, the provider of digital asset custody and related services through Propine Technologies Pte Ltd, a regulated digital asset custodian in Singapore, subject to approval by the Monetary Authority of Singapore.
The acquisition significantly enhances Komainu’s presence in Singapore and provides a new regional hub for its custodial and digital asset servicing capabilities. Combining the strengths of both organizations enables Komainu to continue setting the standard for innovation in digital asset services. The combined platform will not only offer robust security and bank-grade governance but also meet the highest regulatory standards, catering to the growing demand for secure, compliant and battle-tested custody solutions.
Paul Frost Smith, Co-CEO at Komainu, said: “Singapore is an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia. Asia Pacific is central to Komainu’s heritage and having a strong presence in Singapore will enable us to leverage talent across the region as well as better serve our Asia-based clients in their own time zone.”
Robert Johnson, Co-CEO and CTO at Komainu, said “This acquisition will allow us to offer even greater choice to our clients in the technology solutions they adopt to keep their assets safe and secure, and strengthens our existing Asia operations team. At Komainu, we offer bespoke services to our clients and this acquisition will expand the types of solution we can offer as well as the range of assets we support. Our combined infrastructure will further empower institutional clients in confidently navigating the complexities of digital asset custody, ensuring the highest levels of performance, scalability and security.”
Tuhina Singh, CEO at Propine, said: “This deal marks the start of a transformative chapter for Propine, as we join forces with Komainu, backed by Laser Digital, to build out our capabilities in the region under the Komainu brand. We are excited to build on our success to date with the backing and support of the Komainu group and expand our offering across Asia Pacific.”
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About Komainu
Komainu is a regulated digital asset custodian and service provider, headquartered in Jersey, with offices in London, Dubai, and Singapore. Built by institutions for institutions, Komainu offers multi-asset support, bank-grade governance and multi-jurisdictional regulatory oversight, merging expertise from traditional financial services with leading security standards for the next generation of institutional digital asset custody, servicing & financing solutions, as well as providing an enterprise gateway for institutions to access the digital asset ecosystem.
Komainu (Jersey) Limited is regulated by the Jersey Financial Services Commission.
Komainu MEA FZE is regulated by the Dubai Virtual Assets Regulatory Authority.
Komainu (UK) Limited is registered with the UK Financial Conduct Authority.
Komainu Europe S.r.l. has an OAM registration in Italy.
For more information, visit https://www.komainu.com
About Propine
Headquartered in Singapore, Propine provides reliable, hyper-secure custody solutions for institutional clients, enabling digital currency connectivity, anchored in strong risk management principles. Propine Technologies Pte Ltd holds a Capital Markets Services License for providing Custodial Services under the Securities and Futures Act issued by the Monetary Authority of Singapore. The company offers Digital Payment Token services under an exemption provided by the Payment Services Act 2019 for payment services that fall within the expanded scope of regulated activities. For more information, visit https://www.propine.com
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