Singapur (ots/PRNewswire) – XREX Singapore, a blockchain-enabled financial institution specializing in cross-border payments in emerging markets, today announced that it has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator has. This came after the MAS granted in-principle approval in November last year.
Commenting on the collaboration with MAS, Christopher Chye, Chief Executive Officer (CEO) of XREX Singapore, said: “Our collaboration with MAS has repeatedly shown us why it is internationally valued as a leading central bank and financial regulator. With this license in hand, XREX Singapore will strive to establish blockchain-enabled digital payment currencies.”
XREX Singapore facilitates seamless cross-border payments for import and export transactions, especially for small and medium-sized enterprises (SMEs) in emerging markets. This strategic focus is consistent with XREX’s mission to promote financial inclusion in emerging markets.
“The MPI license is evidence of our unwavering commitment to complying with the highest regulatory standards. We look forward to working with one of the world’s leading regulators to make blockchain finance secure and accessible to the general public,” said XREX co-founder and managing director of the group Wayne Huang.
XREX Singapore will launch XREX Pay, a platform that offers cross-border B2B payment capabilities for businesses as well as remittance solutions to help migrant workers send money home, for example. XREX Pay will support Singapore dollar (SGD) and US dollar (USD) payment systems, as well as stablecoins such as USDT and USDC, while demonstrating a robust and practical implementation of the Financial Action Task Force (FATF) rules.
XREX Singapore’s license covers a total of six payment services, namely:
i) Account opening service;
ii) Domestic Remittance Service;
iii) Cross-border money transfer service;
iv) Merchant Acquisition Service;
v) electronic money issuing service; and
vi) Digital Payment Token Service.
“XREX is approved for six of the seven payment services under the MPI licensing regime. With XREX Singapore as the group’s Asia Pacific headquarters, XREX looks forward to expanding its partnership with major banks, credit card companies and payment institutions to build next-generation financial systems that integrate traditional and blockchain finance,” said XREX Co-Founder and Head the sales department of the Winston Hsiao group of companies.
Information about XREX
XREX Singapore is a MAS-regulated financial institution that uses blockchain technology to make cross-border payments faster, cheaper and more secure for businesses worldwide. The company’s proprietary escrow payment feature BitCheck allows companies to flexibly switch between digital currencies, stablecoins or traditional currencies, thus leading their companies into the new era of digital money. XREX Singapore also specializes in working with emerging market companies to solve their problems accessing USD liquidity.
Die XREX Group is a blockchain-enabled financial institution working with banks, regulators and users to redefine banking. It offers beginner-friendly financial services to small and medium-sized enterprises (SMEs) in or related to emerging markets and to private individuals worldwide.
XREX was founded in 2018 and operates worldwide with multiple licenses. The company offers a full range of services such as digital asset custody, wallets, cross-border payments, fiat to cryptocurrency conversion, cryptocurrency exchange, asset management and fiat currency on-off ramps.
XREX shares social responsibility for financial inclusion and leverages blockchain technologies to promote financial participation, access and education.
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Yoyo Chih Wei Yu,
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