XREX Singapore, a blockchain-enabled financial institution specialising in cross-border payments, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The license, which enables the company to provide digital payment token services, follows the in-principle approval received from MAS in November of the previous year.
XREX Singapore will now be able to offer a comprehensive range of payment services, including account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services.
Focusing primarily on small and medium-sized businesses in emerging markets, XREX Singapore 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 will accommodate transactions in Singapore Dollar (SGD) and U.S. Dollar (USD), and will support stablecoins like USDT and USDC, adhering to the Financial Action Task Force (FATF) travel rule.
Christopher Chye, CEO of XREX Singapore said,
“Our engagements with the MAS have repeatedly shown us why they are internationally revered as a leading central bank and financial regulator.
With this license in hand, XREX Singapore will endeavour to bring blockchain-enabled digital payment currencies to ubiquity.”
Wayne Huang, XREX’s Co-founder and Group CEO said,
“The MPI license is a testament to our unwavering commitment to the highest regulatory compliance standards.
We look forward to working with one of the world’s leading regulators to make blockchain finance safe and accessible to the general public.”
Featured image credit: Edited from Freepik
