123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Xrex Singapore Gains Major Mas Payment License

Profile Picture
By Author: Ben Gross
Total Articles: 460
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

XREX, a blockchain-based financial institution specializing in cross-border payments in emerging markets, has received in-principle approval for a Major Payments Institution (MPI) License from the Monetary Authority of Singapore (MAS). The MPI license allows the provision of Digital Payment Token (DPT) services, aligning with the Payments Services Act 2019.

This approval positions XREX alongside a select group of approved entities including Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut. Christopher Chye, XREX Singapore CEO, emphasized the significance of MAS approval, highlighting the stringent regulatory standards and Singapore's commitment to attracting responsible actors.

The MPI license will enable XREX Singapore to expand its crypto-friendly escrow payment tool, BitCheck, to support fiat, stablecoins, and cryptocurrencies. Serving as the Asia Pacific headquarters for the group, XREX Singapore plans to strengthen partnerships with major banks, credit card institutions, and payment entities.

Wayne Huang, XREX co-founder and Group CEO, emphasized XREX's unique position as the only digital asset ...
... player approved by both Singaporean and Taiwanese regulators for virtual asset services. The in-principle approval covers six payment services, including account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services.

Nick Chang, XREX Group and XREX Singapore Head of Compliance, emphasized Singapore's progressive regulatory framework, providing users with clarity and confidence in accessing digital assets and stablecoins. The in-principle approval reflects XREX's commitment to regulatory compliance and user safety.

This approval signifies a major step for XREX in revolutionizing cross-border payments, offering businesses faster, cheaper, and safer transactions while adhering to the robust regulatory standards of Singapore.

More Information : https://www.techdogs.com/tech-news/pr-newswire/xrex-singapore-receives-mas-major-payment-institution-licence-in-principle-approval

Total Views: 111Word Count: 254See All articles From Author

Add Comment

General Articles

1. Discover Luxurious Living At Imperial Estates By Sapphire
Author: Star Estate

2. Best Air Conditioning Services In Dubai
Author: Amulya

3. How To Choose Best Software Company Near Me: A Step-by-step Guide
Author: davidjohansen

4. Why Businesses Prefer Working With Software Company Near Me?
Author: davidjohansen

5. 5 Reasons To Hire Software Company Near Me For Your Next Project
Author: davidjohansen

6. Rhode Island Auto Accident Law Firm
Author: Tapalian Law

7. Revolutionize Your Shopping With Try On Clothes Virtually: A Complete Guide
Author: Max

8. How To Choose Reliable Experts For Macbook Repairs?
Author: Fix Laptops

9. British And Irish Lions: Genge Leads As Van Der Merwe Falters
Author: eticketing.co

10. Future Outlook Of The Electric Vehicle market
Author: Rutuja kadam

11. Unforgettable Dubai To Usa Tour Packages – Book Today
Author: nithin

12. What Security Features Should A Jewelry Website Have?
Author: Listany

13. How Lab Automation Is Transforming Healthcare And research
Author: Rutuja kadam

14. Ready To Upgrade? Switch To Udyog Cloud Erp Today!
Author: Udyog

15. Go Digital With Your Loan Services
Author: davidbeckam

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: