XREX Singapore, a blockchain fintech institution, has announced that its subsidiary in Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In November 2023, XREX Singapore’s subsidiary received provisional approval for the MPI license and was granted the official license in less than six months.
Christopher Chye, CEO of XREX Singapore subsidiary, who has been leading negotiations with MAS for many years, stated, “Through our interaction with MAS, we deeply understand why they are one of the most credible central banks and financial regulatory authorities internationally. With this license, XREX will strive to advance blockchain-driven digital currency payments and make them more accessible.”
Targeting small and medium-sized enterprises in emerging markets, XREX Singapore subsidiary provides convenient cross-border payment services for importers and exporters. This aligns with XREX’s vision of promoting inclusive finance in developing countries.
Yao Wen Huang, Co-founder and CEO of XREX Group, said, “Obtaining the official license validates our commitment to adhering to the highest global compliance standards. We look forward to collaborating with globally recognized regulatory authorities to make blockchain finance safer and more beneficial for the general public.”
XREX Singapore subsidiary is about to launch a new cross-border payment platform called XREX Pay, which will offer enterprise-level (B2B) cross-border payment functionality and also support remittance services, such as assisting migrant workers with cross-border remittances. XREX Pay will provide payment and remittance services in Singapore Dollars (SGD) and US Dollars, and will support stablecoins like USDT and USDC, all of which will operate in compliance with the international transfer rules set by the Financial Action Task Force (FATF).
The company will provide six payment services and expand its collaboration with major banks and payment service providers. XREX Singapore subsidiary, with the MPI license, can offer the following six payment services:
– Account issuance service
– Domestic money transfer service
– Cross-border money transfer service
– Merchant acquisition service
– E-money issuance service
– Digital payment token service
Hui Zong Xiao, Co-founder and Chief Revenue Officer of XREX, stated, “The MPI license permits a total of seven financial business activities, and XREX Singapore has been approved for six out of the seven. XREX Singapore will serve as the Asia-Pacific headquarters for XREX Group, and we will expand our collaboration with major banks, card issuers, and payment service providers to build the next-generation payment system that combines traditional finance with blockchain finance.”
