XREX Group, a blockchain fintech institution rooted in Taiwan, has announced that its Singapore subsidiary has officially obtained the “Major Payment Institution (MPI)” license approved by the Monetary Authority of Singapore (MAS), encompassing six payment services.
On May 13, 2024, Singapore – XREX Group, a blockchain fintech 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 received the provisional approval for the MPI license, and it was officially granted within less than six months.
Christopher Chye, CEO of XREX Singapore subsidiary, who has been leading the negotiations with MAS for many years, stated that the XREX Singapore subsidiary is targeting small and medium-sized enterprises in emerging markets, providing convenient cross-border payment services for importers and exporters. This aligns with XREX’s vision of promoting inclusive finance in developing countries.
Wayne Huang, co-founder and CEO of XREX Group, stated that the XREX Singapore subsidiary is about to launch a new cross-border payment platform called XREX Pay, which offers enterprise-level (B2B) cross-border payment functionality and supports remittance services, such as assisting migrant workers with cross-border remittances. XREX Pay will provide payment and remittance services in Singapore dollars (SGD) and US dollars, and also support stablecoins like USDT and USDC, all operating in compliance with the international transfer rules set by the Financial Action Task Force (FATF).
With the MPI license obtained by XREX Singapore subsidiary, the following six payment services can be provided:
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, helping them solve the problem of scarce US dollar liquidity.
XREX Singapore subsidiary is a financial institution regulated by the Monetary Authority of Singapore (MAS), providing cheaper, safer, and faster global cross-border payment services using blockchain technology. XREX’s unique performance-based payment tool, BitCheck, allows businesses to enjoy the flexible use and conversion of fiat currencies, stablecoins, and cryptocurrencies, expanding their business in the new era of digital currencies. XREX Singapore subsidiary also specializes in serving small and medium-sized enterprises in emerging markets, assisting them with US dollar liquidity issues.
As a subsidiary of XREX Group, XREX Singapore is registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States.
XREX Group is an international financial institution born out of blockchain technology, working closely with banks, governments, and users to redefine finance. They provide enterprise-level services to help small and medium-sized enterprises engaged in business with developing countries or located in developing countries with cross-border financial services. They also provide the most user-friendly entry point for global cryptocurrency beginners.
Established in 2018 and operating globally with multiple licenses, XREX Group offers one-stop 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 views inclusive finance as a social responsibility and strives to promote financial participation, financial access, and financial education using blockchain technology.