XREX Singapore, a blockchain-enabled financial institution specializing in cross-border payments in emerging markets, today announced that it has received its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This comes after it received its in-principle approval from the MAS in November last year.
XREX Singapore Chief Executive Officer (CEO) Christopher Chye said:
“Our engagements with MAS have shown us time and time again why they are internationally respected as a leading central bank and financial regulator. With this license, XREX Singapore will strive to bring blockchain-enabled digital payment currencies everywhere.”
XREX Singapore facilitates frictionless cross-border payments for import and export transactions, particularly for small and medium enterprises (SMEs) in emerging markets. This strategic emphasis aligns with XREX’s mission to foster financial inclusion in emerging markets.
“The MPI license is proof of our unwavering commitment to the highest standards of regulatory compliance. We look forward to working with one of the world’s leading regulators to make blockchain finance secure and accessible to the general public,” said Group Co-Founder and CEO Wayne Huang.
XREX Singapore will launch XREX Pay, a platform that provides cross-border B2B payment capabilities for companies, as well as remittance solutions such as helping migrant workers send money home. XREX Pay will support payment rails in Singapore Dollar (SGD) and US Dollar (USD) and stable currencies such as USDT and USDC, all of which demonstrate a robust and practical application of the Financial Action Task Force (FATF) travel rule.
XREX Singapore’s license includes a total of six payment services, namely:
- Bill issuing service.
- Domestic money transfer service.
- Cross-border money transfer service.
- Merchant Acquisition Service.
- Electronic money issuing service. and
- Digital Payment Token Service.
“XREX has been approved for six out of seven payment services under the MPI licensing regime. With XREX Singapore as the group’s headquarters in Asia Pacific, XREX looks forward to expanding its partnership with major banks, credit card institutions and payment institutions to create next-generation financial systems that integrate traditional and blockchain finance,” said the co-founder and the XREX Group. Revenue Manager Winston Hsiao.