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Mike Chiam

Partner   |  

Mike’s main areas of practice include Commercial and Corporate Advisory (Mergers & Acquisitions, Fundraising, VCCs), Financial Services Regulatory (Private Equity/Venture Capital Funds, Private Equity and Fintech), and Technology and Digital Business Services.

key areas of practice

  • Cryptocurrency, Blockchain and Payment Services
  • Corporate Advisory
  • Financial Services / Funds

A champion for start-ups and technology, Mike is listed as a legal adviser under the Payment Regulatory Evaluation Program, an initiative by the Singapore Academy of Law and the Monetary Authority of Singapore for payment service providers.

 

Mike has advised various fintech start-ups on payment services matters and is frequently instructed on complex payment services and cryptocurrency related matters. Amongst others, Mike has advised on, merchant acquisition services; real-estate backed digital tokens, gold-backed digital tokens; utility tokens; digital payment tokens; and e-money issuance.

 

Mike also advises asset managers on legal and regulatory aspects of their fund management business, including fund formation and structuring of specialized funds, series and seed investments, offering rules for offers of interests of private and retail collective investment schemes, share disclosure requirements, licensing and registration for the asset managers, ongoing legal and regulatory obligations, and other issues pertinent to their business.

 

“Recommended” and mentioned as “a specialist in the fintech space” by clients on the Legal 500 2020/2021 for financial services regulatory and “Notable Practitioner” on IFLR1000 for mergers and acquisitions in 2019, Mike is a forward-thinking practitioner who understands the intricacies of his clients’ business.

 

Prior to joining PDLegal LLC, Mike practised in a leading commercial law firm and was one of the pioneer members of the blockchain, cryptocurrency and digital token offerings practice. Mike regularly advises commercial and corporate matters. Some notable matters include advising a Singapore blockchain technology firm in its cross-border M&A deal and post Series A funding round from a venture capital fund; and advising an Indonesian fintech crowdfunding platform on their Series A founding round of over US$8 million.

 

 

 

 

key areas of practice

  • Cryptocurrency, Blockchain and Payment Services
  • Corporate Advisory
  • Financial Services / Funds

Work Highlights

Cryptocurrency, Blockchain and Payment Services

  • Advised a precious metals dealer seeking to tokenise precious metal and issued a Singapore law legal opinion on “asset backed tokens” under the Precious Stones and Precious Metals (Anti Money Laundering and Counter Terrorism Financing) Act 2019 and the Payment Services Act 2019.
  • Advised one of Singapore’s first peer-to-peer cryptocurrency platforms and KYC solutions provider on the Payment Services Act 2019, MAS regulations, and, privacy and data protection policies.
  • Advised a fintech company on the Payment Services Act 2019 and drafted a merchant agreement for the distribution of bitcoin and cryptocurrency point-of-sale system in Singapore.
  • Advised a blockchain global trade and trade financing platform on the launch of e-wallet and e-commerce marketplace for compliance with MAS regulations and the Payment Services Act 2019
  • Advised a cryptocurrency exchange on the Payment Services Act 2019 and MAS regulations. Issued a legal opinion on whether the cryptocurrency exchange would require a Payment Institution License under the Payment Services Act 2019 or an exemption on the basis that the exchange did not fall squarely within the regulatory purview of the Act.
  • Advised an issued a Singapore law legal opinion to an issuer of digital tokens on whether the digital tokens issued pursuant to a token offering constitute “capital markets products” and/or “securities” under Singapore law.
  • Advised a large real-estate company seeking to conduct one of Singapore’s first Security Token Offering for tokenised real-estate on the Securities and Futures Act and MAS regulations.
  • Advised and drafted documentation including non-disclosure agreement(s) and token purchase agreement for an advisor to an ICO to be launched in Singapore.
  • Advised, drafted documentation including token purchase agreement and issued a legal opinion in relation to a token offering to be launched in Singapore.
  • Advised a fintech company on its software license agreement(s), website terms of service, privacy policy and KYC policy.
  • Advised and managed contractual claim(s) and dispute resolution arising from purchase of digital tokens.

Corporate Advisory

  • Advised a crowdfunding fintech company based in Singapore and Jakarta on its Series A investment of over USD 8 million.
  • Advised on share swap agreement(s) in relation to corporate restructuring of subsidiaries of a multinational company headquartered in USA.
  • Advised a Singapore blockchain technology firm in its cross-border M&A deal and post Series A funding round from a venture capital fund of over USD2.5 million.
  • Advised and reviewed sale and purchase agreement, shareholders’ agreement and employment agreement(s) and preparing legal due diligence report for the purchase and acquisition of a blockchain technology company headquartered in Singapore.
  • Advised on and reviewed teaming agreement for government tender for website development, migration and web-hosting solutions.
  • Advised various start-ups and fintech companies in successfully obtaining the Enterprise Development Grant, Productivity Solutions Grant, Market Readiness Assistance Grant, and Digital Acceleration Grant.

Financial Services/Funds

  • Acted as lead counsel and advised a Japanese Fund on the Variable Capital Companies Act, Securities and Futures Act, fund structuring, and other matters pertaining to the setting up of a Variable Capital Company in Singapore.

Publication / Editorial Contribution

Articles published on Lexology:

  • Venture Capital Investment Model Agreements
  • Security Token Offerings in Singapore
  • Guide to Family Offices – A Legal Perspective
  • Update to E-Payment User Protection Guidelines

Commercial and Corporate Advisory articles

  • Guide to Family Offices – A Legal Perspective, 26 April 2019
  • Budget 2019 – Summary of Key Tax Changes for Qualifying Funds, 26 April 2019

Fintech related articles

  • Payment Services Act 2019: MAS issues Guidelines on Licensing for Payment Services Providers and consults on the scope of E-money and Digital Payment Tokens, 28 January 2020
  • Registration of precious stones and precious metals dealers, 31 October 2019
  • MAS launches sandbox express for insurance brokers, recognised market operators and remittance business, 30 October 2019
  • MAS to issue digital banking licences, 22 August 2019
  • Update to E-Payments User Protection Guidelines, 19 June 2019
  • When things go wrong with your token purchase, 26 April 2019
  • The case for and against cryptocurrency ETFs in Singapore, 26 April 2019
  • MAS halts Security Token Offering in Singapore, Issues Warning on Websites Soliciting “Cryptocurrency” Investments, 28 February 2019
  • The State of Global Cryptocurrency Regulation: Southeast Asia, 22 February 2019
  • Security Token Offerings in Singapore, 22 January 2019
  • SGX Requirements for Listed Companies Conducting an Initial Coin Offering, 16 January 2019

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1 Coleman Street #08-02 The Adelphi Singapore 179803