May 13, 2024, Singapore—Blockchain financial technology institution XREX Group announced today that XREX’s Singapore subsidiary has obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In November 2023, XREX’s Singapore subsidiary obtained in-principle approval for the MPI license and was granted a formal license in less than half a year.
Christopher Chye, CEO of XREX’s Singapore subsidiary, which has led negotiations with MAS for many years, noted:
During our interactions with MAS, we gained a strong appreciation for why they are one of the most credible central banks and financial regulators in the world. With this license, XREX will be committed to promoting blockchain-driven digital currency payments and making them more popular.
Targeting small and medium-sized enterprises in emerging markets, XREX’s Singapore subsidiary provides convenient cross-border payment services to importers and exporters. This is in line with the XREX vision: to promote financial inclusion in developing countries.
Huang Yaowen, co-founder and group CEO of XREX Group, said:
Obtaining a formal license validates our determination to adhere to the highest global compliance standards. We look forward to working with leading global regulators to make blockchain finance safer and more accessible to the general public.
XREX's Singapore subsidiary is about to launch a new cross-border payment platform, XREX Pay, which provides enterprise-level (B2B) cross-border payment functions and also supports remittance services, such as assisting migrant workers in cross-border remittances. XREX Pay will provide payment and remittance services in Singapore dollars (SGD) and US dollars, and support stablecoins such as USDT and USDC, all of which will comply with the international transfer rules (Travel Rule) set by the Financial Action Task Force (FATF) to prevent money laundering. run below.
XREX Singapore subsidiary is licensed by MPI and can provide the following 6 payment services:
Account issuance service
Domestic money transfer service
Cross-border money transfer service
Merchant acquisition service
E-money issuance service
Digital payment token service
Xiao Huizhong, co-founder of XREX and chief revenue officer of the group, said:
There are a total of 7 financial business scopes permitted by the MPI license, and XREX Singapore has been approved for 6 of the 7 items. XREX Singapore will be the Asia-Pacific headquarters of the XREX Group. We will expand cooperation with large banks, card issuers and payment operators to jointly create a new generation payment system that combines traditional finance and blockchain finance.
About XREX
XREX's Singapore subsidiary is a financial institution regulated by the Monetary Authority of Singapore (MAS), which uses blockchain technology to provide cheaper, safer and faster global cross-border payment services. XREX's unique performance guarantee payment tool, BitCheck, allows companies to enjoy the flexible use and conversion of fiat currencies, stable coins and cryptocurrency, and expand their business territory in the new era of digital currency development. XREX’s Singapore subsidiary also focuses on serving small and medium-sized enterprises in emerging markets, helping them solve the problem of scarcity of US dollar liquidity.
As a subsidiary of the XREX Group, XREX Singapore has registered as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
XREX Group is an international financial institution born in response to blockchain technology. It works closely with banks, governments and users to jointly rewrite the definition of finance. We provide enterprise-level services to help small and medium-sized enterprises located in or doing business with developing countries handle cross-border financial services. We also provide the friendliest initial entry point for global cryptocurrency novices.
Founded in 2018 and operating globally with multi-national licenses, XREX Group provides one-stop services, including: digital asset custody, wallets, cross-border payments, legal currency and cryptocurrency conversion, cryptocurrency exchanges, diversified asset investments, Fiat currency deposit and withdrawal services, etc.
XREX Group regards inclusive finance as a social responsibility and hopes to contribute to this end, and continues to use blockchain technology to promote the right to financial participation, financial usage and financial education.
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This article XREX Singapore obtained the official license of a large payment institution, becoming the first virtual asset player in Taiwan. It first appeared on Zombit.
