The Singapore subsidiary of crypto exchange OKX has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This license allows OKX to offer a broader range of digital payment services in compliance with local regulations.

The approval follows the in-principle approval granted by MAS in March 2024.

In tandem with this milestone, OKX has appointed Gracie Lin as the new CEO for its Singapore operations.

Lin, who brings extensive experience in public policy, investment management, capital markets, and tech startups, is expected to drive OKX’s growth and deepen its presence in the Singapore market.

Before joining OKX, she held senior roles at Grab, where she served as Managing Director, Strategy & Economics, and at GIC as Vice President, Business Management.

Lin also has a strong regulatory background, having spent nearly a decade at MAS, where she was Deputy Director, Head of Money Markets.

OKX is also working on enhancing its product offerings for Singaporean customers, with plans to introduce seamless connectivity to local bank accounts for easier deposits and withdrawals.

The company said in a statement,

“Our long-term ambitions in Singapore go beyond products. The goal is to be a key contributor to the development of the local digital asset industry by working closely with regulators, partners, the broader community and customers to drive responsible innovation.

This means tailoring our offerings to meet local needs while actively developing infrastructure, talent and knowledge to support the sector’s growth.”

Featured image credit: Edited from Freepik