XREX, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has received in principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), which is the central bank and financial regulator of the country.
MAS regulates digital payment token service providers (DPTSPs) under the Payments Services Act 2019, which requires a DPTSP to operate under an MPI licence which is specifically intended to allow for the provision of DPT services by MAS.

It is estimated that more than 580 applications for payment services licences have been submitted by DPTSPs since the introduction of this licensing regime in January 2020, according to a report by The Straits Times last year. It has been reported that less than 20 DPT licences and approvals have been granted to date, and with this approval from the MAS, XREX becomes the latest in a long list of exchanges, stablecoin issuers, and neobanks approved by the MAS including Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut.
"Hard-fought, the approval from the MAS has taken years to come to fruition, and that is a good thing. Although Singapore wants to attract responsible players to the country, it is difficult to do so without the application of a fine-tooth comb. A great deal for Singapore and for our industry as a whole," said the CEO of XREX Singapore, Christopher Chye. "XREX is committed to offering Singapore and emerging market businesses cheaper, safer, and faster domestic and cross-border payments.
It means that XREX Singapore will be able to offer its crypto-friendly escrow payment tool - BitCheck - to support fiat, stablecoins, and cryptocurrencies through the MPI licence.
In the Asia Pacific region, XREX Singapore will serve as the group's headquarters. It is expected that XREX will expand its partnership with major banks, credit card companies, and payment companies in one of the world's most important financial hubs and provide a seamless bridge between blockchain finance and traditional finance in one of the world's most important financial hubs.
"XREX Group is the only digital asset player in the world that has simultaneously been approved by Singaporean and Taiwanese regulators for virtual asset services," said the CEO of XREX Group, Wayne Huang. "This is a testament to our unwavering commitment to the highest regulatory compliance standards," Huang continued.
XREX Singapore has been granted in-principle approval for a total of six payment services, namely:
A number of services are offered by the company, including: 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 VI) Digital payment token service.
As a result of Singapore's progressive and robust regulatory framework, our users will be able to access digital assets and use stablecoins with the confidence and clarity they need," said Nick Chang, Head of Compliance at XREX Group and XREX Singapore.. Jason Lai, Head of Legal for XREX Singapore, adds, "We are looking forward to bringing our team's expertise to bear in navigating the intricacies of cross-border legal frameworks and the principles of common law to bear on our clients.". This in-principle approval further cements our commitment to regulatory compliance and the safety of our users
This in-principle approval further cements our commitment to regulatory compliance and the safety of our users
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XREX: What you need to know
In a nutshell, XREX Singapore is an MAS-regulated financial institution that leverages blockchain technology to make cross-border payments faster, cheaper and safer for businesses around the world. BitCheck, the company's proprietary escrow payment feature, gives enterprises the flexibility to switch flexibly between digital currencies, stablecoins, and traditional currencies, ushering their businesses into the new era of digital money and allowing them to compete effectively with their competitors. In addition to this, XREX Singapore specializes in working with emerging market businesses to assist them in obtaining USD liquidity in order to aid in the growth of their businesses
In addition to this, XREX Singapore specializes in working with emerging market businesses to assist them in obtaining USD liquidity in order to aid in the growth of their businesses
In addition to being a subsidiary of XREX Group, XREX Singapore is also registered as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
The source of this information is XREX Inc.
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Source prnewswire