XREX has announced that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator.
XREX is a blockchain-enabled financial institution specialising in cross-border payments in emerging markets. The MAS regulates digital payment token service providers (DPTSPs) under the Payments Services Act 2019, which requires a DPTSP to operate under an MPI licence that specifically allows for the provision of DPT services. The MAS recently set out three initiatives to guarantee the inventive and secure use of digital money in Singapore.
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Since the establishment of this licencing regime in January 2020, hundreds of DPTSPs have submitted their applications. According to a report by The Straits Times last year, the MAS has received over 580 applications for payment services licences. Fewer than 20 DPT licences and in-principle approvals have been granted to date and with this nod from the MAS, XREX joins a group of approved exchanges, stablecoin issuers and neobanks such as Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut.
XREX’s “hard-fought” approval
XREX Singapore CEO, Christopher Chye, said: “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. XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses.”
The MPI licence will allow XREX Singapore to expand XREX’s crypto-friendly escrow payment tool, BitCheck. This will support fiat, stablecoins and cryptocurrencies. XREX Singapore will serve as the Asia Pacific headquarters for the group. XREX will expand its partnership with major banks, credit card institutions, and payment institutions in one of the world’s most important financial hubs and seamlessly bridge blockchain finance and traditional finance.
XREX co-founder and Group CEO Wayne Huang, commented: “XREX Group is the world’s only digital asset player to which Singaporean and Taiwanese regulators have simultaneously granted approvals for virtual asset services. This is a testament to our unwavering commitment to the highest regulatory compliance standards.”
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By GlobalData
