Define the function before choosing a provider
Start with the proposed business flow: customer onboarding, token transfer, conversion, custody or settlement. Specify which legal entity contracts with the provider and which markets the customers are in. A list of prominent brands is not yet a counterparty map. The map must show who performs each function and which handoff needs a commercial agreement.
Use the official directory as the evidence anchor
The MAS Financial Institutions Directory can be filtered by the Digital Payment Token Service activity. Use the legal entity and activity shown in the official record, and save the date checked. Confirm contact information through the official channels. The register is evidence about the listed institution; product coverage, commercial availability and onboarding requirements still need to be confirmed with that institution.
Separate regulatory identity from product fit
Build separate columns for the official record and the proposed service. The first records the legal name, activity and source link. The second records supported currencies, customer types, technical interfaces, operating hours and the actual contracting entity. Avoid filling missing fields from a different group company or a global marketing page without confirmation.
Test a real operating scenario
Use one example flow with an agreed currency, amount, settlement destination and timing. Ask the candidate to explain the onboarding evidence, transfer approvals, pricing, reconciliation files and exception handling needed for that flow. Compare answers on the same assumptions. A provider that fits the asset list may still be unsuitable because of customer eligibility, support coverage or a settlement constraint.
Move from a longlist to a qualified introduction
Prioritize candidates by the gaps they can resolve and the evidence available, rather than by brand recognition alone. Record the reason to meet, the decision owner, open questions and the next action. PANASIA can prepare this research and coordinate an introduction brief; it does not issue licences, decide customer onboarding or guarantee commercial acceptance.
Primary source
Monetary Authority of Singapore: Financial Institutions Directory, Digital Payment Token Service
Continue your brief: Market desk · Partner qualification · Contact PANASIA.
PANASIA Research. Market research for business planning; not investment, legal or tax advice.
