XREX Singapore Gets In-Principle Nod for Crypto Payment Servicesby Fintech News Singapore November 17, 2023
XREX Singapore, a blockchain-enabled fintech providing cross-border payments in emerging markets, has secured in-principle approval for a Major Payment Institution license to provide digital payment token services.
The in-principle approval for XREX Singapore covers a range of payment services, including account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services.
The approval will enable XREX Singapore to broaden the reach of its crypto-friendly escrow payment tool, BitCheck, which supports fiat, stablecoins, and cryptocurrencies.
As the Asia Pacific headquarters for XREX, the Singapore entity plans to strengthen partnerships with major banks, credit card companies, and payment institutions.
“Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly so. Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb.
This is great for Singapore and great for our industry as a whole. XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses.”
said Christopher Chye, CEO of XREX Singapore.