XREX Singapore Obtains In-principle Approval for Major Payment Institution Licence in Singapore

On the heels of Upbit Singapore​, a subsidiary of South Korean crypto exchange Upbit, XREX, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, has also been granted in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS).

XREX secured the in-principle approval though its Singapore unit, XREX Singapore, which will serve as the Asia Pacific headquarters for the group.

The MPI licence will enable XREX Singapore to expand the group's crypto-friendly escrow payment tool – BitCheck – to support fiat, 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 XREX Singapore CEO, Christopher Chye. "XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses."

XREX Singapore Head of Legal Jason Lai added, "We're excited to bring to bear our team's expertise in navigating the intricacies of cross-border legal frameworks and common law principles. The in-principle approval further cements our commitment to regulatory compliance and user safety."

Looking ahead, XREX seeks to expand its partnership with major banks, credit card institutions, and payment institutions in Singapore.