Stablecoin Issuers Paxos appointed Jeannie Lim as executive Director of the Singapore business, Bloomberg report.
The former head of messaging and payments at Meta Platforms will be responsible for driving Paxos’ strategic vision in the Asia-Pacific region. This could include new business opportunities, partnerships and regulatory engagement, a company spokesperson said.
Paxos Asia co-founder and former CEO Rich Teo will remain on the board after notifying employees in February that he would be stepping down from day-to-day operations. Teo co-founded Paxos with Charles Cascarilla in 2012, and the company secured $300 million in a funding round led by OakHC/FT.
Recently, Paxos became the first island nation to receive The Monetary Authority of Singapore (MAS) has given the company full approval to issue stablecoins.
Paxos currently has authorization to issue stablecoins in three countries, including the United States and the United Arab Emirates. The company has selected DBS Bank as its primary banking partner for cash management and storage of its stablecoin reserves.
Paxos is also the issuer of PayPal Holdings’ stablecoin PYUSD, which was launched last August.
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