XREX Singapore Receives MAS Major Payment Institution Licence In-principle Approval
SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- XREX , a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator.
- SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- XREX , a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), the nation's central bank and financial regulator.
- This is great for Singapore and great for our industry as a whole," said XREX Singapore CEO, Christopher Chye.
- The MPI licence will allow XREX Singapore to expand XREX's crypto-friendly escrow payment tool – BitCheck – to support fiat, stablecoins, and cryptocurrencies.
- XREX Singapore's in-principle approval encompasses a total of six payment services, namely:
ii) Domestic money transfer service;
iii) Cross-border money transfer service;
vi) Digital payment token service.