The Monetary Authority of Singapore (MAS) has received over 300 payment requests and cryptocurrency exchange licenses, including apps from Alibaba and Google.

MAS is working on how to speed up the application process, the department's chief financial officer, Sopnendu Mohanti, told Bloomberg.

Companies enforce the Payment Services Act (PSA), a comprehensive regulatory framework for companies engaged in digital asset activities, including payments and commerce.

Firms that have applied but are still awaiting approval may continue to offer certain payment services while their applications are being processed.

Among them are various divisions of Alibaba and Alphabet, the parent company of Google.