XREX Singapore, a blockchain fintech institution, has announced that its subsidiary in Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In November 2023, the subsidiary received provisional approval for the MPI license and within six months, it was granted the official license.
Christopher Chye, CEO of XREX Singapore, who has been leading the negotiations with MAS for years, stated, “Through our interactions with MAS, we have gained a deep understanding of why they are one of the most credible central banks and financial regulatory authorities in the world. With this license, XREX will strive to advance blockchain-driven digital currency payments and make them more accessible.”
Targeting small and medium-sized enterprises in emerging markets, XREX Singapore provides convenient cross-border payment services for importers and exporters. This aligns with XREX’s vision of promoting inclusive finance in developing countries.
Yao Wen Huang, Co-founder and CEO of XREX, said, “Obtaining the official license validates our commitment to adhering to the highest global compliance standards. We look forward to collaborating with globally recognized regulatory authorities to make blockchain finance safer and more beneficial for the general public.”
XREX Singapore’s subsidiary is set to launch a new cross-border payment platform called XREX Pay, which will offer enterprise-level (B2B) cross-border payment functionalities, as well as support remittance services such as assisting migrant workers with cross-border transfers. XREX Pay will provide payment and remittance services in Singapore dollars (SGD) and US dollars, and will support stablecoins like USDT and USDC, all operating in compliance with the international transfer rules set by the Financial Action Task Force (FATF).
They will offer six payment services and expand cooperation with major banks and payment providers.
With the MPI license, XREX Singapore’s subsidiary can provide the following six payment services:
– Account issuance service
– Domestic money transfer service
– Cross-border money transfer service
– Merchant acquisition service
– E-money issuance service
– Digital payment token service
Hsiao Hui Tsung, Co-founder and Chief Revenue Officer of XREX, stated, “The MPI license permits a total of seven financial business services, and XREX Singapore has been approved for six out of the seven. XREX Singapore will serve as the Asia-Pacific headquarters for XREX, and we will expand our cooperation with major banks, card issuers, and payment providers to create a next-generation payment system that combines traditional finance with blockchain finance.”
Proofread by Pengrui Li