As an experienced financial analyst, I am impressed by XREX Singapore’s recent achievement in securing the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This regulatory milestone underscores their commitment to compliance and security, which is crucial in today’s complex and rapidly evolving financial landscape.
In an significant advancement, XREX Singapore, a financial group specializing in blockchain technology for cross-border payments in emerging markets, obtained a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS) on May 12, 2024. This approval followed their initial acceptance for the license in November 2023.
The Monetary Authority of Singapore (MAS) is renowned for its stringent regulations, and obtaining this license signifies XREX Singapore’s dedication to adhering to these rules and ensuring security. Our experiences working with the MAS have consistently reinforced their status as a respected global central bank and financial regulatory body, mentioned XREX Singapore’s CEO. He also announced that XREX will make blockchain-powered digital payment currencies widely accessible with this license.
XREX’s strategic decision aligns with Singapore’s objective of leading global finance technology innovation. The city-state has enacted regulations that foster the expansion of blockchain and digital assets. By concentrating on effortless cross-border payments, particularly for small and medium businesses in emerging markets, XREX in Singapore significantly contributes to financial inclusion, a priority shared by XREX and the Monetary Authority of Singapore.
XREX’s Regulatory Commitment
“Wayne Huang, XREX’s Co-founder and CEO, stated our firm dedication to upholding stringent regulatory requirements is reflected in our acquisition of the MPI license. Our commitment extends beyond obtaining this license, as we strive to align our services with international benchmarks, such as the FATF’s travel rule, which combats money laundering and terrorism financing.”
XREX Singapore is introducing a new transparent platform called XREX Pay. Designed for businesses, this platform offers advantages such as borderless B2B payments and money transfer solutions. Traditional currencies like the Singapore Dollar (SGD) and US Dollar (USD), along with stablecoins including Tether (USDT) and USD Coin (USDC), will be supported on XREX Pay.
XREX Singapore holds a comprehensive MPI license, enabling them to offer various payment services such as account setup, domestic and international money transfers, onboarding merchants, e-wallet issuance, and digital token services. This extensive license positions XREX as a significant contributor in Singapore’s thriving FinTech sector.
Forging Partnerships in Singapore
As a researcher, I’ve discovered that XREX has successfully secured approval for six out of seven payment services under the MPI licensing framework, according to Winston Hsiao, our Co-founder and Group Chief Revenue Officer. Moreover, we plan to utilize our headquarters in Singapore as a strategic base to establish collaborations with prominent financial institutions such as major banks, credit card companies, and other leading payment providers.
In a cooperative effort, we aim to develop next-generation financial structures that effortlessly merge conventional banking with blockchain finance. This harmonious blend will lead to a more inclusive and streamlined financial ecosystem. Obtaining the MPI license and introducing XREX Pay, our Singaporean initiative, represents a significant milestone in our goal to transform cross-border payments.
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2024-05-13 12:42