XREX Group, a blockchain financial technology institution rooted in Taiwan, announced that its Singapore subsidiary has officially obtained the “Major Payment Institution (MPI)” license from the Monetary Authority of Singapore (MAS), including six payment services.
On May 13, 2024, Singapore – XREX Group, a blockchain financial technology institution, announced today that its Singapore subsidiary has obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In November 2023, the XREX Singapore subsidiary obtained the provisional approval for the MPI license and was formally licensed within less than half a year.
Christopher Chye, CEO of XREX Singapore subsidiary, who has been leading negotiations with MAS for many years, stated that the XREX Singapore subsidiary aims to provide convenient cross-border payment services for small and medium-sized enterprises targeting emerging markets. This aligns with XREX’s vision of promoting inclusive finance in developing countries.
Wayne Huang, Co-founder and CEO of XREX Group, stated that XREX Singapore subsidiary will soon launch a new cross-border payment platform called XREX Pay, which provides enterprise-level (B2B) cross-border payment functions and also supports remittance services, such as assisting migrant workers in cross-border remittances. XREX Pay will offer payment and remittance services in Singapore dollars (SGD) and US dollars, and support stablecoins like USDT and USDC, all of which will operate in compliance with the international transfer rules set by the Financial Action Task Force (FATF).
With the MPI license, XREX Singapore subsidiary can provide the following six payment services:
1. Account issuance service
2. Domestic money transfer service
3. Cross-border money transfer service
4. Merchant acquisition service
5. E-money issuance service
6. Digital payment token service
Winston Hsiao, Co-founder and Chief Revenue Officer of XREX, stated that XREX Singapore subsidiary focuses on serving small and medium-sized enterprises in emerging markets and helps them solve the problem of scarce US dollar liquidity.
XREX Singapore subsidiary, regulated by the Monetary Authority of Singapore (MAS), utilizes blockchain technology to provide cheaper, safer, and faster global cross-border payment services. Its unique performance guarantee payment tool, BitCheck, allows businesses to enjoy the flexible use and conversion of fiat currencies, stablecoins, and cryptocurrencies, expanding its business scope in the new era of digital currencies. XREX Singapore subsidiary also registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States.
XREX Group, an international financial institution born out of blockchain technology, collaborates closely with banks, governments, and users to redefine finance. It provides enterprise-level services to help small and medium-sized enterprises engaged in business with or in developing countries to handle cross-border financial services. It also offers the friendliest entry point for global cryptocurrency newcomers.
Established in 2018 and operating globally with multiple licenses, XREX Group provides comprehensive services including digital asset custody, wallets, cross-border payments, fiat-to-crypto and crypto-to-fiat conversions, cryptocurrency exchanges, diversified asset investments, fiat deposits and withdrawals, and more.
XREX Group considers inclusive finance as its social responsibility and strives to promote financial participation rights, financial access rights, and financial education rights by continuously utilizing blockchain technology.
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