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XREX Singapore receives MPI licence from MAS

Tuesday 14 May 2024 12:11 CET | News

Taiwan-based blockchain fintech company XREX has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).

 

This comes after XREX received its in-principal approval from the MAS in November 2023. Company officials said their engagements with the MAS have repeatedly shown them why they are internationally considered a prominent central bank and financial regulator. With this licence in hand, XREX Singapore will endeavour to bring blockchain-enabled digital payment currencies to ubiquity.

XREX Singapore facilitates frictionless cross-border payments for import and export transactions, particularly for small-medium businesses (SMBs) in emerging markets. This strategic emphasis aligns with XREX's mission to foster financial inclusion in emerging markets.

The MPI licence is a testament to the company’s commitment to high regulatory compliance standards. It looks forward to working with Singapore’s regulators to make blockchain finance safe and accessible to the general public.

XREX has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).

Augmenting cross-border B2B payments and remittances

XREX Singapore will launch XREX Pay, a platform providing cross-border B2B payment features for corporates, as well as remittance solutions, such as helping migrant workers send money home. XREX Pay will support Singapore Dollar (SGD), US Dollar (USD) payment rails, and stablecoins such as USDT and USDC, all while demonstrating a robust and practical implementation of the Financial Action Task Force (FATF) travel rule.

XREX Singapore's licence encompasses a total of six payment services, namely:

  • Account issuance service;

  • Domestic money transfer service;

  • Cross-border money transfer service;

  • Merchant acquisition service;

  • E-money issuance service;

  • Digital payment token service.

Company officials further explained that XREX is approved for six of the seven payment services under the MPI licencing regime. With XREX Singapore as the group's Asia Pacific headquarters, it looks forward to expanding its partnership with major banks, credit card institutions, and payment institutions to build next-generation financial systems that integrate traditional and blockchain finance.

What does XREX do?

XREX Singapore, an MAS-regulated institution, employs blockchain for faster, cheaper cross-border payments. Its primary feature, BitCheck, facilitates flexible currency switching, benefiting businesses worldwide. XREX Group, founded in 2018, offers various banking services globally, focusing on SMBs and financial inclusion through blockchain.


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Keywords: MPI licence, blockchain, B2B payments, remittance, stablecoin
Categories: DeFi & Crypto & Web3
Companies: XREX
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3

XREX

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