Singapore, August 19, 2024 – RigSec, a leading blockchain regulatory technology company, today announced its partnership with Sparrow, a fully-licensed Digital Payment Tokens (DPT) service provider in Singapore, to deliver an innovative self-custody solution for digital assets. The collaborated project has received a grant from the Monetary Authority of Singapore’s (MAS) Financial Sector Technology and Innovation (FSTI) Innovation Acceleration (IA) program.

RigSec's HSM-based enterprise-level self-custody solution will empower Sparrow to offer its clients military-grade security and enhanced key controls. This partnership addresses common challenges faced by traditional third-party custody services, such as limited risk control and reduced business efficiency. The solution streamlines operations, reduces administrative costs, and simplifies asset management, meeting MAS's regulatory requirements for cold wallet storage.

Sarah Ye, CEO of RigSec Technology, said: "We're thrilled to partner with Sparrow. Our expertise in regulatory technology, combined with their commitment to innovation, will enable us to deliver a secure and compliant enterprise-level self-custody solution that meets the evolving needs of the digital asset industry."

Liu Li, Chief Technology Officer of Sparrow, added: “Partnering with RigSec allows us to leverage their deep HSM expertise and our digital asset management knowledge, creating a powerful synergy. Together, we aim to deliver a solution addressing the industry's evolving needs and setting a new standard for secure and efficient digital asset custody.”

Established in 2018, RigSec is a blockchain regulatory technology company with a strong presence across Singapore, Hong Kong, Taiwan, and Japan. Its solution has been successfully adopted by regulated financial institutions to meet various licensing requirements.

About RigSec

Established in 2018, RigSec is a blockchain regulatory technology company with a strong presence across Singapore, Hong Kong, Taiwan, and Japan. We are dedicated to providing regulatory-compliant digital asset self-custody solutions and security consulting services. RigSec caters to a diverse range of clients, including crypto exchanges, digital banks, custodians, stablecoin issuers, and law enforcement agencies. We equip these organizations with the essential tools and expertise needed to navigate the complex and ever-evolving regulatory landscape surrounding digital assets.

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).