The Monetary Authority of Singapore has granted a major payment institution licence to XREX Singapore. CEO Christopher Chye said: “Our engagements with the MAS have repeatedly shown us why they are internationally revered as a leading central bank and financial regulator. With this licence in hand, XREX Singapore will endeavour to bring blockchain-enabled digital payment currencies to ubiquity.”
XREX Singapore facilitates frictionless cross-border payments for import and export transactions, particularly for small-medium businesses (SMBs) in emerging markets. This strategic emphasis aligns with XREX’s mission to foster financial inclusion in emerging markets.
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“The MPI licence is a testament to our unwavering commitment to the highest regulatory compliance standards. We look forward to working with one of the world’s leading regulators to make blockchain finance safe and accessible to the general public,” said XREX Co-founder and Group CEO Wayne Huang.
XREX Singapore will launch XREX Pay. The platform provides cross-border B2B payment features for corporates and remittance solutions, such as helping migrant workers send money home. XREX Pay will support Singapore Dollar (SGD) and US Dollar payment rails and stablecoins such as USDT and USDC.
XREX Pay says that its offering demonstrates a robust and practical implementation of the Financial Action Task Force travel rule.
XREX Singapore’s licence encompasses six payment services
- Account issuance service;
- Domestic money transfer service;
- Cross-border money transfer service;
- Merchant acquisition service;
- E-money issuance service; and
- Digital payment token service
“XREX is approved for six of the seven payment services under the MPI licencing regime. With XREX Singapore as the group’s Asia Pacific headquarters, XREX looks forward to expanding its partnership with major banks, credit card institutions, and payment institutions to build next-generation financial systems that integrate traditional and blockchain finance,” said XREX co-founder and Group Chief Revenue Officer Winston Hsiao.
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