Taiwan’s thriving cryptocurrency group, XREX, has obtained the Major Payment Institution (MPI) license from Singapore’s Monetary Authority. Co-founders Huang Yaowen and Xiao Huizong shared their business prospects and diverse approaches to cross-border cryptocurrency payments with Dynamic Zone. They also discussed the upcoming establishment of the Domestic Virtual Asset Service Providers (VASP) Association, expressing their willingness to contribute to the development of virtual currency applications in the industry.
XREX Group, a blockchain financial industry player, celebrated the achievement of becoming the first financial institution in Taiwan to obtain the MPI license from Singapore’s major payment institution. The group members were filled with a sense of accomplishment and joy as they obtained an international-level license and anti-money laundering compliance recognition. This achievement undoubtedly opens doors to more countries in the financial industry.
Seizing this opportunity, Dynamic Zone conducted a special interview with XREX co-founders and CEO Huang Yaowen, and co-founder and Chief Revenue Officer Xiao Huizong, starting from their acquisition of the MPI license and shifting focus to the domestic cryptocurrency VASP industry’s prospects and the official establishment of the association.
Firstly, Dynamic Zone wanted to understand from the two XREX key figures what the Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS) represents. Wayne briefly and briskly responded:
“To engage in cross-border finance, we need not only skills but also a handy tool. XREX has been focusing on blockchain technology and B2B cross-border remittance services since its inception. We also pay attention to the technological and exchange rate disparities in emerging countries. The MPI license from Singapore is a key license that hits the nail on the head.” Winston added:
“In the future, we plan to expand our business in the cross-border financial industry, which requires a lot of calculations and market testing within the next 18 months. Although we have officially obtained the license now, our plan has already set its sights on the road to expansion. Using cryptocurrency as a solution for fiat currency settlement can indeed meet the practical needs of various countries. It is impressive how sensitive the Singapore government has been towards cryptocurrency, as it has been included in the important financial application of payment years ago.”
Winston recalled years of negotiations with the Monetary Authority of Singapore and expressed his appreciation for their clear communication:
After discussing cryptocurrency regulations in Singapore, the conversation turned to the domestic cryptocurrency industry. The Domestic Virtual Asset Service Providers (VASP) Association, approved by the Ministry of the Interior three months ago, is expected to be officially established within the next three months. Winston, who is also the chairman of the preparatory committee of the Republic of China Virtual Currency Association, continued to discuss the official establishment of the association and the need to develop its framework and elect directors and supervisors. He said:
Regarding the rumors that some Taiwanese industry players do not want foreign industry players to enter Taiwan and claim that there must be “sincerity” to establish relationships with domestic associations and officials, XREX strongly disagrees. Wayne frowned and said:
Winston, speaking from the perspective of the association, commented on these rumors:
In conclusion, Wayne and Winston both expressed their dedication to the development of the cryptocurrency industry in Taiwan. They firmly believed that industry collaboration and technological upgrades can provide a better experience and application for cryptocurrency users and industry players. Looking ahead to the next three years, they confidently stated that the environment will undoubtedly be vastly different. They called on all industry players in Taiwan to work together to create a cryptocurrency application industry chain where everyone wins, using the semiconductor industry as the best example, with 10 companies growing into 600 and connecting international industry chains. As Wayne said from the bottom of his heart:
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