Singapore – Cryptocurrency firm Luno has announced that it is exiting the Singaporean market, with its services no longer available by June 20 this year. According to the company, the market exit is part of Luno’s evaluation of their global strategy and presence.

Luno also added that they have also informed the Monetary Authority of Singapore of their intention to withdraw their license application to operate in the country.

In a statement published in their website, the company expressed that while the announcement may come as a shock to their local customers, the decision to exit the market wasn’t taken lightly considering the rising cryptocurrency market in Singapore.

“As a key financial hub in the region and an innovator in financial technology, Singapore has the potential to lead the way in using crypto to build a fair and robust financial system. We can’t wait to watch its journey and are proud to have been a part of it,” they stated.

Moreover, they have expressed their gratitude to the thousands of Singaporeans who have supported them on their crypto journey, ever since they first entered the market in 2016.

Luno has asked its Singaporean customers to withdraw all of their local currency and cryptocurrency by June 19.

The exit also comes after Luno announced that is laying off around 35% of its workforce globally in January this year.

Kuala Lumpur, Malaysia – Cryptocurrency platform Luno in Malaysia has appointed Publicis Media to manage all media strategy, planning and buying for Luno in Malaysia. The appointment was made following a competitive pitch between various agencies in Malaysia. 

Aaron Tang, country manager of Luno Malaysia shared, “Throughout the pitch process, Publicis Media demonstrated a strong knowledge of our business, our target audiences as well as our ambition to promote financial literacy amongst everyday Malaysians and improve education around cryptocurrencies.” 

He added, “We look forward to collaborating with them as we continue to make cryptocurrencies more accessible for everyone and provide investors with the resources to explore the digital assets space safely.”

Meanwhile, Abhishek Bhattacharjee, managing partner at Publicis Media, commented, “Luno is at a truly exciting phase and we are thrilled to partner with them on this journey. With our data-centric approach at Publicis Media, we are looking forward to gathering our best crypto minds across the Groupe to embrace new challenges and scale Luno’s brand growth in the digital assets category that Luno leads.”

Kuala Lumpur, Malaysia — The Malaysian Football League (MFL) announced their partnership with Luno, the country’s leading regulated digital asset exchange, as a crypto investment partner and official co-sponsor of Liga Super Malaysia, the nation’s most popular football league, and Piala Malaysia, the annual prestigious football tournament. The one-year partnership agreement covers a series of branding rights including billboards on the sidelines, use of club logos as well as player images, and brand activation at tournament venues.

The collaboration was announced at a ceremony officiated by Stuart Ramalingam, chief executive officer of the Malaysian Football League, and Aaron Tang, country manager of Luno Malaysia.

Ramalingam, shared his enthusiasm with the collaboration, saying, “Today marks a historic day for Malaysian football as we welcome new-age partners that will bring a new exciting image to our League and the reach Liga Malaysia will offer to commercial brands. I would like to welcome the newest MFL partner – Luno, Malaysia’s first regulated and leading digital assets exchange. As the world opens its door in its acceptance of cryptocurrency, this collaboration opens up a whole new horizon for the MFL family of partners with such an extraordinary partnership.”

This collaboration with MFL marks Luno’s first entry into the local sports industry. In addition, the digital asset exchange plans on more collaborations to further boost their presence in Malaysia.

Tang commented that the MFL has a fan base of over 13 million, so the partnership gives Luno a great opportunity to engage with new audiences and raise the brand’s profile among Malaysians who might be considering exploring the world of cryptocurrency.

“Our mission is to put the power of crypto in everyone’s hands in an accessible, convenient and safe way, and this partnership is a step towards achieving this in Malaysia. We believe this partnership will bring huge benefits for both parties — nurturing support for local football while creating an opportunity to explore and invest in cryptocurrency,” Tang said.

As one of the deals in this collaboration, Luno will host an exclusive educational session featuring industry experts where fans can learn more about financial literacy alongside their favourite football players in the MFL.