XREX Singapore Obtains Major Payment Institution Licence from MAS

More than half a year after receiving in-principle approval​, XREX Singapore, a blockchain-enabled financial institution specializing in cross-border payments in emerging markets, announced today that it has obtained the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).

Christopher Chye, CEO of XREX Singapore, commented, "Our interactions with the MAS have consistently demonstrated why they are globally respected as a leading central bank and financial regulator. With this license, XREX Singapore is committed to promoting the widespread adoption of blockchain-enabled digital payment currencies."

Furthermore, XREX Singapore is set to launch XREX Pay, a platform that offers cross-border B2B payment solutions for companies, supporting Singapore Dollar (SGD) and U.S. Dollar (USD) payment rails, as well as stablecoins such as USDT and USDC.

Winston Hsiao, Co-founder and Group Chief Revenue Officer at XREX, stated, "XREX has been granted approval for six out of the seven payment services covered by the MPI licensing regime. With XREX Singapore serving as the Asia Pacific headquarters, we are excited to expand our partnerships with major banks, credit card institutions, and payment providers. Together, we aim to develop next-generation financial systems that integrate both traditional and blockchain-based finance."