XREX, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that its Singapore entity has obtained in-principle approval for a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS).

The MAS regulates digital payment token service providers (DPTSPs) under the Payments Services Act 2019, which requires a DPTSP to operate under an MPI licence that specifically allows for the provision of DPT services.

XREX joins a group of approved exchanges, stablecoin issuers and neobanks such as Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut.

“Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly so. Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb. This is great for Singapore and great for our industry as a whole,” said XREX Singapore CEO, Christopher Chye. “XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses.”

The MPI licence will allow XREX Singapore to expand XREX’s crypto-friendly escrow payment tool – BitCheck – to support fiat, stablecoins, and cryptocurrencies.

XREX Singapore will serve as the Asia Pacific headquarters for the group. XREX will expand its partnership with major banks, credit card institutions, and payment institutions in one of the world’s most important financial hubs and seamlessly bridge blockchain finance and traditional finance.

XREX Singapore’s in-principle approval encompasses a total of six payment services, namely:

• Account issuance service;
• Domestic money transfer service;
• Cross-border money transfer service;
• Merchant acquisition service;
• E-money issuance service, and
• Digital payment token service.