XREX, an Asian crypto exchange specializing in facilitating cross-border payments, has received initial approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This license will allow the company to offer digital payment token products and services in Singapore. XREX plans to expand its BitCheck payment tool, which supports fiat, stablecoins, and other cryptocurrencies, once the full license is obtained.
x, CEO of XREX Singapore, praised MAS for their thorough yet fair approach in regulating the financial sector, and expressed excitement for the partnership to acquire the full license within six months.
According to Wayne Huang, Co-founder and Group CEO of XREX, XREX Singapore will be the primary provider of products in the Asia Pacific (APAC) region, while XREX Taiwan will continue to contribute in terms of product design, engineering, research, and threat analysis.
XREX Singapore also plans to expand its reach to emerging markets where access to USD liquidity may be limited.
