XREX, an Asia-based crypto exchange specializing in cross-border payments, has obtained preliminary approval from the Monetary Authority of Singapore. This approval is for a Major Payment Institution (MPI) license in Singapore.

According to a communiqué shared, XREX has received initial endorsement from the Monetary Authority of Singapore.

This paves the way for the eventual issuance of a license which will enable the provision of digital payment token products and services within the city-state.

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Upon acquiring the license in full, XREX will be empowered to enable the expansion of the functionality of BitCheck, its payment tool. BitCheck is designed to support fiat, stablecoins, and various other cryptocurrencies.

Christopher Chye, the Chief Executive Officer of XREX Singapore, expressed admiration for the Monetary Authority of Singapore;

“Our interactions with the MAS consistently underscore their international standing as a preeminent central bank and financial regulator. They embody thoroughness without being overbearing, strictness without high-handedness, and a risk-averse approach coupled with astute business sensibilities.”

Chye further remarked,

“We eagerly anticipate collaborating with the MAS to secure the complete license within the next six months.”

Wayne Huang, the Co-founder and Group CEO of XREX, outlined the strategic positioning of XREX Singapore. The focus is on becoming the principal provider of products in the Asia-Pacific (APAC) region.

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Marina Bay Sands, Singapore“/ CC0 1.0

Concurrently, XREX Taiwan will maintain a crucial role in the company’s activities related to product design, engineering, research, and threat analysis.

“As the regional headquarters for the Asia Pacific, XREX Singapore will also focus on addressing the needs of neighboring emerging markets, where accessing USD liquidity may pose challenges,”

Chye added.

Singapore, recognized for its crypto-friendly environment, hosts numerous global companies in the crypto and web3 sectors. Despite this, the city-state has faced challenges in the past year, including crises involving prominent crypto entities such as Three Arrows Capital, Vauld, and Hodlnaut.

The Monetary Authority of Singapore appears dedicated to fostering collaboration with crypto entities. This commitment is evident in its recent action of granting a full MPI license to Coinbase. This came after the initial approval given late last year. In June, Circle also secured an MPI license from the regulator.

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