XREX Singapore has officially obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). This comes after the preliminary approval of the MPI license was granted to XREX Singapore’s subsidiary in November 2023, and the formal license was obtained within six months.
Christopher Chye, the CEO of XREX Singapore, who has been leading negotiations with MAS for several years, emphasized the credibility of MAS as one of the most reputable central banks and financial regulatory authorities internationally. With this license, XREX aims to promote blockchain-driven digital currency payments and make them more accessible.
XREX Singapore’s subsidiary targets small and medium-sized enterprises in emerging markets, providing convenient cross-border payment services for importers and exporters. This aligns with XREX’s vision of promoting inclusive finance in developing countries.
Yao Wen Huang, the co-founder and CEO of XREX Group, expressed the significance of obtaining the official license, which verifies their commitment to adhering to the highest global compliance standards. He also expressed the desire to collaborate with globally recognized regulatory authorities to enhance the security of blockchain finance and benefit the general public.
XREX Singapore’s subsidiary is set to launch a new cross-border payment platform called XREX Pay, offering enterprise-level (B2B) cross-border payment functionality and remittance services, including assistance with cross-border remittances for migrant workers. XREX Pay will facilitate payments and remittances in Singapore dollars (SGD) and US dollars, while also supporting stablecoins like USDT and USDC, all in compliance with the international transfer rules set by the Financial Action Task Force (FATF).
The MPI license obtained by XREX Singapore’s subsidiary allows them to provide six payment services. This will expand their cooperation with major banks and payment service providers. The services include account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, and digital payment token services.
Hsiao Hui-Tsung, the co-founder and Chief Revenue Officer of XREX, mentioned that the MPI license permits a total of seven financial business scopes, out of which XREX Singapore was granted six. XREX Singapore will serve as the Asia-Pacific headquarters for XREX Group and will work on expanding partnerships with major banks, card issuers, and payment service providers to build a next-generation payment system that combines traditional finance with blockchain finance.