XREX, a blockchain-based financial institution specializing in cross-border payments in emerging markets, has received in-principle approval for a Major Payments Institution (MPI) License from the Monetary Authority of Singapore (MAS). The MPI license allows the provision of Digital Payment Token (DPT) services, aligning with the Payments Services Act 2019.

This approval positions XREX alongside a select group of approved entities including Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut. Christopher Chye, XREX Singapore CEO, emphasized the significance of MAS approval, highlighting the stringent regulatory standards and Singapore's commitment to attracting responsible actors.

The MPI license will enable XREX Singapore to expand its crypto-friendly escrow payment tool, BitCheck, to support fiat, stablecoins, and cryptocurrencies. Serving as the Asia Pacific headquarters for the group, XREX Singapore plans to strengthen partnerships with major banks, credit card institutions, and payment entities.

Wayne Huang, XREX co-founder and Group CEO, emphasized XREX's unique position as the only digital asset player approved by both Singaporean and Taiwanese regulators for virtual asset services. The in-principle approval covers six payment services, including account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services.

Nick Chang, XREX Group and XREX Singapore Head of Compliance, emphasized Singapore's progressive regulatory framework, providing users with clarity and confidence in accessing digital assets and stablecoins. The in-principle approval reflects XREX's commitment to regulatory compliance and user safety.

This approval signifies a major step for XREX in revolutionizing cross-border payments, offering businesses faster, cheaper, and safer transactions while adhering to the robust regulatory standards of Singapore.