Crypto exchange OKX has partnered with DBS to offer Singaporean customers instant and free deposits and withdrawals in Singapore dollars (SGD).

These improvements are the first of many part of a broader effort to enhance OKX’s platform, providing users with a more streamlined and efficient experience.

Customers can now deposit SGD into their OKX accounts using PayNow and withdraw funds via FAST, provided their bank is one of the 27 institutions participating in the service.

This simplifies fiat transactions on the platform, ensuring faster and more seamless access for users.

OKX has also introduced Singpass verification to further enhance the user experience.

This enables customers to complete onboarding in approximately one minute, reducing registration time by up to 90%.

These changes come after OKX secured a Major Payment Institution license from the Monetary Authority of Singapore in September.

The license enables OKX to provide digital payment token and cross-border money transfer services within the country.

Gracie Lin, Singapore CEO, OKX said,

“Working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets.

We look forward to introducing more features soon that will enhance the customer experience while delivering on our promise to always build responsibly and sustainably.”

Featured image credit: Edited from Unsplash