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XREX Singapore secures Major Payment Institution License from MAS

By Gloria Mathias

May 13, 2024

  • Blockchain Technology
  • Cross Border Payments
  • Fintech news

XREX, Blockchain Technology, Cross border Payments, Frictionless payments, MPI, Major Payments Institutions, Monetary Authority Singapore, MAS, Fintech News, Fintech Payments News, Payments Singapore, XREX Singapore, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, has obtained the 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 the MAS have repeatedly shown us why they are internationally revered as a leading central bank and financial regulator. With this license 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 license 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 license encompasses six payment services, namely:

  • Account issuance service
  • Domestic money transfer service
  • Cross-border money transfer service
  • Merchant acquisition service
  • E-money issuance service
  • 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.

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