XREX Singapore introduces XREX Pay, offering businesses cross-border B2B payments and money transfer solutions. The platform will support traditional currencies like the Singapore Dollar (SGD) and US Dollar (USD) as well as stablecoins like Tether (USDT) and USD Coin (USDC).
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
In a notable development, XREX Singapore, a blockchain-focused financial group that helps cross-border payments for emerging markets, secured a Major Payment Institution (MPI) Licence from the Monetary Authority of Singapore (MAS) on May 12, 2024. This came after XREX got initial approval for the licence in November 2023.
The MAS is known for its strict regulation, and this licence shows XREX Singapore’s commitment to compliance and security. “Our engagements with the MAS have repeatedly shown us why they are internationally revered as a leading central bank and financial regulator,” said XREX Singapore’s CEO. He also said XREX will “bring blockchain-enabled digital payment currencies to ubiquity” with this licence.
This strategic move by XREX fits with Singapore’s ambition to become a global leader in finance tech innovation. The city has worked to make regulations encouraging the growth of blockchain and digital assets. XREX Singapore’s focus on easy cross-border payments, especially for small and medium businesses in new markets, directly helps financial inclusion, a key goal for both XREX and the MAS.
“The MPI licence is a testament to our unwavering commitment to the highest regulatory compliance standards,” said XREX Co-founder and CEO Wayne Huang. This focus on rules goes beyond just getting the licence. XREX is working to make sure its services follow global best practices, including the Financial Action Task Force’s (FATF) travel rule, which fights money laundering and terrorism funding.
This commitment to transparency is also seen in XREX Pay, a new platform that XREX Singapore will start. XREX Pay serves businesses with features like cross-border B2B payments and money transfer solutions. The platform will support traditional currencies like the Singapore Dollar (SGD) and US Dollar (USD) as well as stablecoins like Tether (USDT) and USD Coin (USDC).
XREX Singapore’s MPI licence covers a wide range of payment services, including account creation, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services. This broad licence makes XREX a key player in Singapore’s growing FinTech ecosystem.
XREX has obtained approval for six out of the seven payment services under the MPI licencing framework, as stated by XREX’s Co-founder and Group Chief Revenue Officer, Winston Hsiao. Additionally, the company aims to leverage its headquarters in Singapore to forge strategic partnerships with major banks, credit card institutions, and other prominent payment providers.
This collaborative approach is designed to build next-generation financial systems that seamlessly integrate traditional banking and blockchain-based finance, ultimately creating a more inclusive and efficient financial landscape. By securing the MPI licence and launching XREX Pay, XREX’s Singapore-based operations have taken a crucial step towards their objective of revolutionizing cross-border payments.
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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
