Stablecoin issuer Paxos has appointed Jeannie Lim as the Executive Director of its Singapore operations, according to a Bloomberg report.
The former head of messaging payments at Meta Platforms will be responsible for advancing Paxos’ strategic vision in the Asia-Pacific region.
This includes new business opportunities, partnerships, and regulatory engagement, according to a company spokesperson.
Rich Teo, Co-founder and former CEO of Paxos Asia, remains on the board after notifying employees of his transition from daily operations in February.
Teo co-founded Paxos with Charles Cascarilla in 2012, and the company secured US$300 million in a funding round led by Oak HC/FT.
Recently, Paxos was the first in the island state to receive the full approval from the Monetary Authority of Singapore (MAS) to issue stablecoins.
Paxos is now authorised to issue stablecoins in three countries including the United States and the United Arab Emirates.
The firm has selected DBS Bank as its primary banking partner for cash management and custody of stablecoin reserves.
Paxos is also the issuer behind PayPal Holdings’ stablecoin, PYUSD, launched last August.
