XREX, a blockchain-enabled financial institution specializing in cross-border payments in emerging markets, today announced that its Singapore entity has received in principle approval from the Monetary Authority of Singapore (MAS), the central bank and financial regulator of the country, to apply for a Major Payment Institution (MPI) Licence.
Digital Payment Token Service Providers (DPTSPs) are regulated under the Payments Services Act 2019 by the Monetary Authority of Singapore (MAS), which requires a DPTSP to obtain a licence from the Payments Institutions (MPI) that specifically allows for the provision of DPT services.

As of January 2020, hundreds of DPTSPs have submitted their applications for payment services licences since the establishment of this licensing regime. Based on a report by The Straits Times last year, the MAS has received over 580 applications for payment services licences. Currently, a total of fewer than twenty DPT licences and in-principle approvals have been granted, and XREX is now in a list of approved exchanges, stablecoin issuers, and neobanks like Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut that have received this nod from the MAS.
As a result of the long battle, Singapore has taken years to receive approval from the MAS, and rightfully so. While Singapore wants to attract responsible actors, there is no doubt the reality that it takes a fine-toothed comb in order to accomplish that. In his words, Christopher Chye, CEO of XREX Singapore, says that this is a great deal for Singapore as well as for the whole industry. We are looking forward to the introduction of cheaper, safer, and faster domestic and international payments by XREX.
By obtaining the MPI license, XREX Singapore will be able to add fiat, stablecoins, and cryptocurrencies to its crypto-friendly escrow payment tool - BitCheck - which supports fiat, stablecoins, and cryptocurrencies.
In addition to its headquarters in Singapore, XREX will serve as the group's Asia Pacific headquarters. XREX will expand its partnership with major banks, credit card institutions, and payment institutions in one of the world's most important financial hubs and seamlessly bridge blockchain finance and traditional finance with blockchain technology.
As far as XREX Group is concerned, it is the world's only digital asset player that has been granted simultaneous approvals for virtual asset services by Singaporean and Taiwanese regulators. As Wayne Huang, XREX co-founder and Group CEO, stated, "This is a testament to our commitment to the highest level of regulatory compliance."
There are a total of six payment services that have been approved in principle by XREX Singapore, including:
Among them are: i) Account issuance service; ii) Domestic money transfer service; iii) Cross-border money transfer service; iv) Merchant acquisition service; v) E-money issuance service; and vii) Digital payment token service.
"Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins," said Nick Chang, Head of Compliance at XREX Singapore and part of the XREX Group.. As XREX Singapore's Head of Legal Jason Lai explains, "We are excited to be able to bring to bear our team's expertise in navigating the intricacies of cross-border legal frameworks and common law principles to help our clients.". As a result of the in-principle approval, we are further reaffirming our commitment to regulatory compliance and user safety
As a result of the in-principle approval, we are further reaffirming our commitment to regulatory compliance and user safety
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What XREX is all about
There is a financial institution called XREX Singapore that is regulated by the Monetary Authority of Singapore, using blockchain technology in order to make cross-border payments faster, cheaper, and more secure for companies across the globe.. With its proprietary escrow payment feature, BitCheck, the company empowers businesses to switch flexibly between digital currencies, stablecoins and traditional currencies, thereby ushering their businesses into the new era of digital money through the transition to digital currencies.. Additionally, XREX Singapore specializes in working with emerging markets businesses to help them solve the issues of accessing USD liquidity to their businesses
Additionally, XREX Singapore specializes in working with emerging markets businesses to help them solve the issues of accessing USD liquidity to their businesses
It is the subsidiary of the XREX Group, XREX Singapore, that is registered with the US Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB).
The source of this information is XREX Inc.
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Source prnewswire