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XREX, a Tapiei-headquartered blockchain-enabled financial institution specializing in cross-border payments, has achieved a significant regulatory milestone. The firm's Singapore entity has received in-principle approval for a Major Payments Institution (MPI) Licence from the country's central bank and financial regulator, XREX said in an announcement.
The MPI licence will enable XREX Singapore to expand its crypto-friendly escrow payment tool, BitCheck, to support various currencies, including fiat, stablecoins, and cryptocurrencies. Positioned as the Asia-Pacific headquarters for XREX, the Singapore entity is set to deepen its partnerships with major financial institutions, bridging the gap between blockchain finance and traditional financial systems.
The in-principle approval covers a comprehensive range of payment services including account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services. This array of services underlines XREX's capabilities in facilitating seamless financial transactions in the digital era.
This in-principle approval places XREX Singapore in an elite group of digital payment token service providers operating under the robust regulatory framework of the Monetary Authority of Singapore (MAS), as mandated by the Payments Services Act 2019.
In the announcement, Christopher Chye, CEO of XREX Singapore, emphasized the significance of this approval, noting the rigorous process involved and its importance in attracting responsible actors to Singapore's financial industry. He highlighted that XREX is poised to revolutionize domestic and cross-border payments, making them more affordable, secure, and efficient for businesses in Singapore and emerging markets.