SINGAPORE, May 13, 2024 /PRNewswire/ -- XREX Singapore, a
blockchain-enabled financial institution specialising in
cross-border payments in emerging markets, announced today that it
has obtained the Major Payment Institution (MPI) Licence from the
Monetary Authority of Singapore
(MAS), the nation's central bank and financial regulator. This
comes after it received its in-principle approval from the MAS in
November last year.
Commenting on XREX's engagement with the MAS, XREX Singapore
Chief Executive Officer (CEO) Christopher
Chye 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 licence in hand, XREX
Singapore will endeavour to bring blockchain-enabled digital
payment currencies to ubiquity."
XREX Singapore facilitates frictionless cross-border payments
for import and export transactions, particularly for small-medium
businesses (SMBs) in emerging markets. This strategic emphasis
aligns with XREX's mission to foster financial inclusion in
emerging markets.
"The MPI licence 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," said
XREX Co-founder and Group CEO Wayne
Huang.
XREX Singapore will launch XREX Pay, a platform providing
cross-border B2B payment features for corporates, as well as
remittance solutions, such as helping migrant workers send money
home. XREX Pay will support Singapore Dollar (SGD) and U.S. Dollar
(USD) payment rails and stablecoins such as USDT and USDC, all
while demonstrating a robust and practical implementation of the
Financial Action Task Force (FATF) travel rule.
XREX Singapore's licence encompasses a total of six payment
services, namely:
i) Account issuance service;
ii) Domestic money transfer service;
iii) Cross-border money transfer service;
iv) Merchant acquisition service;
v) E-money issuance service; and
vi) Digital payment token service.
"XREX is approved for six of the seven payment services under
the MPI licencing regime. With XREX Singapore as the group's
Asia Pacific headquarters, XREX
looks forward to expanding its partnership with major banks, credit
card institutions, and payment institutions to build
next-generation financial systems that integrate traditional and
blockchain finance," said XREX Co-founder and Group Chief Revenue
Officer Winston Hsiao.
About XREX
XREX Singapore is an MAS-regulated financial institution
that leverages blockchain technology to make cross-border payments
faster, cheaper, and safer for businesses globally. Its proprietary
escrow payment feature, BitCheck, empowers enterprises to switch
flexibly between digital currencies, stablecoins, or traditional
currencies, thereby ushering their businesses into the new era of
digital money. XREX Singapore also specializes in working with
emerging markets businesses to help solve their issues with USD
liquidity access.
XREX Group, is a blockchain-enabled financial institution
working with banks, regulators, and users to redefine banking
together. It provides enterprise-grade banking services to small to
medium-sized businesses (SMBs) in or dealing with emerging markets,
and novice-friendly financial services to individuals
worldwide.
Founded in 2018 and operating globally under multiple licences,
XREX offers a full suite of services such as digital asset custody,
wallet, cross-border payment, fiat-crypto conversion,
cryptocurrency exchange, asset management, and fiat currency on-off
ramps.
Sharing the social responsibility of financial inclusion, XREX
leverages blockchain technologies to further financial
participation, access, and education.
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