XREX Gains Initial Approval for Singapore Digital Payments License

XREX, a cryptocurrency and digital payments company, announced on November 17th that it has received initial approval from the Monetary Authority of Singapore (MAS) for a license to offer digital payment token services in the city-state. 

According to the announcement, this license will allow XREX to expand its BitCheck payment tool which enables transactions with fiat currencies, stablecoins, and cryptocurrencies. 

XREX has received the in-principle approval for the Major Payment Institution license in #Singapore, issued by the Monetary Authority of Singapore. 🇸🇬This means that XREX Singapore can operate the following services: (1/3)

— XREX Inc. (@xrexinc) November 17, 2023

“Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly so. Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb. This is great for Singapore and great for our industry as a whole,” said Christopher Chye, CEO of XREX Singapore.

Chye also revealed XREX aims to secure the full license within six months by working closely with the MAS. 

XREX co-founder and Group CEO Wayne Huang, said while the XREX Taiwan office will remain vital for product development, Singapore will become the key provider of products in Asia Pacific. 

Furthermore, Chye added that the XREX Singapore branch will focus on emerging nearby markets with limited USD liquidity. 

Read More

2023-11-17 16:53