XREX obtains provisional approval for a Singapore payment institution license, expanding its supported currency types.

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XREX Group Granted Provisional Approval to Become Major Payment Institution MPI in Singapore

XREX Group announced today that its Singapore subsidiary has been granted provisional approval for a payment institution license by the Monetary Authority of Singapore (MAS). Under the Payment Services Act 2019, MAS regulates Digital Payment Token Service Providers (DPTSPs) and requires operators offering virtual asset services to obtain an MPI license. This significant approval places XREX Group among the few operators in Singapore and on par with international financial institutions.

Christopher Chye, CEO of XREX Singapore subsidiary, stated: "The process of applying for this license took several years, and getting the nod from MAS was no easy feat, but it was definitely worth it. The Singapore government is eager to attract responsible operators, and their emphasis on this industry is evident. The entire licensing application process felt like a meticulous scrutiny, with every detail examined to the highest standards, which is beneficial for Singapore, us, and the entire industry."

BitCheck to Expand Supported Cryptocurrencies, XREX Singapore Subsidiary to Serve as APAC Headquarters

XREX's new MPI license not only expands the range of supported currencies for its third-party performance bond payment tool, BitCheck, but also establishes the Singapore subsidiary as the headquarters for XREX in the Asia-Pacific region. This move will strengthen XREX Group's collaboration with major banks, credit card issuers, and international payment institutions, driving the convergence of traditional finance and blockchain finance.

XREX to Provide Multiple Payment Services, Ensuring Compliance Standards and User Safety

The provisional approval of the new MPI license empowers XREX Singapore subsidiary to offer multiple payment services, including Account Issuance Service, Domestic Money Transfer Service, Cross-border Money Transfer Service, Merchant Acquisition Service, E-money Issuance Service, and Digital Payment Token Service. XREX Group is committed to providing more secure and compliant services, offering cheaper and faster domestic and cross-border payment services to businesses in Singapore and other emerging markets.

XREX Takes Key Role in Taiwan VASP Association Preparatory Committee

Winston Hsiao, Co-founder and Chief Revenue Officer of XREX, also serves as the convener of the Preparatory Committee for the Taiwan Virtual Asset Platform and Trading Business Association.