XREX Singapore, a blockchain-enabled financial institution specializing in cross-border payments, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The licenses that enable the Company to provide digital payment token services include: Approval in principle Received from MAS in November of the previous year.
XREX Singapore will be able to offer a comprehensive range of payment services, including account issuance, domestic and cross-border remittances, merchant acquisition, e-money issuance, and digital payment token services.
XREX Singapore primarily focuses on SMEs in emerging markets and aims to streamline cross-border transactions.
The company plans to launch XREX Pay, a platform designed to facilitate B2B payments and remittance services.
XREX Pay supports transactions in Singapore Dollars (SGD) and US Dollars (USD), and supports stablecoins such as USDT and USDC in accordance with the Financial Action Task Force (FATF) travel rules.
Christopher Chai, CEO of XREX Singapore, said:
“Our work with MAS has repeatedly demonstrated why MAS is internationally respected as a leading central bank and financial regulator.
With this license in hand, XREX Singapore will strive to popularize blockchain-enabled digital payment currencies. ”
Wayne Huang, co-founder and group CEO of XREX, said:
“The MPI license is a testament to our unwavering commitment to the highest regulatory compliance standards.
We look forward to working with the world’s leading regulators to make blockchain finance safe and accessible to the general public. ”
Featured image credit: Edited from freepic