XREX, a cryptocurrency and digital payments company, announced on November 17th that it has received initial approval from the Monetary Authority of Singapore (MAS) for a license to offer digital payment token services in the city-state.
According to the announcement, this license will allow XREX to expand its BitCheck payment tool, which enables transactions with fiat currencies, stablecoins, and cryptocurrencies.
“Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly so. Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb. This is great for Singapore and great for our industry as a whole,” said Christopher Chye, CEO of XREX Singapore.
XREX Singapore’s in-principle approval 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 co-founder and Group CEO Wayne Huang said while the XREX Taiwan office will remain vital for product development, Singapore will become the key provider of products in Asia Pacific.
Furthermore, Chye added that the XREX Singapore branch will focus on emerging nearby markets with limited USD liquidity.