In a landmark achievement, blockchain fintech company XREX Group has announced that its Singapore subsidiary has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This milestone makes XREX one of the first virtual asset service providers originating from its home region to receive such formal approval from Singapore’s central bank and financial regulator.
The MPI license enables XREX Singapore to operate as a regulated financial institution, offering a suite of secure and compliant digital payment services. The company had previously received in-principle approval for the license in November 2023 and obtained the full license in less than six months, underscoring its commitment to meeting high regulatory standards.
Leadership Perspectives on Regulatory Milestone
Christopher Chye, CEO of XREX Singapore, who led the negotiations with MAS, commented:
“Throughout our interactions with MAS, we gained a deep appreciation for why they are regarded as one of the most credible central banking and financial regulatory institutions globally. Holding this license, XREX is committed to advancing blockchain-powered digital currency payments to make them more accessible.”
Wayne Huang, Co-founder and Group CEO of XREX, added:
“Receiving the formal license validates our dedication to adhering to the highest global compliance standards. We look forward to collaborating with leading regulatory bodies worldwide to enhance the safety and accessibility of blockchain-based financial services.”
Services Enabled by the MPI License
With the MPI license, XREX Singapore is authorized to provide the following six payment services:
- Account issuance services
- Domestic money transfer services
- Cross-border money transfer services
- Merchant acquisition services
- E-money issuance services
- Digital payment token services
The company offers these services with a focus on combining traditional finance with blockchain technology to build a next-generation payment system.
Introducing XREX Pay: A New Platform for Cross-Border Transactions
XREX Singapore is set to launch XREX Pay, a new cross-border payment platform designed for business-to-business (B2B) transactions. The platform will also support remittance services, including assistance for migrant workers conducting international transfers.
XREX Pay will facilitate payments and remittances in Singapore Dollars (SGD) and US Dollars (USD), and will support popular stablecoins such as USDT and USDC. All transactions will operate in compliance with the Financial Action Task Force’s (FATF) Travel Rule, ensuring international standards for anti-money laundering are met.
Focus on Emerging Markets and SMEs
A significant part of XREX Singapore’s mission is to serve small and medium-sized enterprises (SMEs) in emerging markets. The company aims to provide affordable, secure, and fast cross-border payment solutions that address challenges such as limited USD liquidity.
This focus aligns with the broader XREX Group vision of promoting financial inclusion in developing economies through innovative blockchain applications. By facilitating easier international trade and remittances, XREX supports economic growth and financial empowerment.
The company’s proprietary payment tool, BitCheck, offers escrow-like services, allowing businesses to flexibly use and convert between fiat currencies, stablecoins, and cryptocurrencies.
Corporate Background and Global Operations
XREX Group is an international financial institution built on blockchain technology. Founded in 2018, the group operates with multiple international licenses and offers a comprehensive suite of services, including:
- Digital asset custody and wallet services
- Crypto-fiat conversion
- Cryptocurrency exchange operations
- Diverse asset investment options
- Fiat on-and-off ramping
The group regards financial inclusion as a core social responsibility and is committed to advancing financial participation, accessibility, and education through technology.
XREX Singapore is registered with the U.S. Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB), further reinforcing its compliance with international regulations.
Frequently Asked Questions
What does the Major Payment Institution (MPI) license allow XREX to do?
The MPI license granted by MAS permits XREX Singapore to offer six key payment services, including domestic and cross-border money transfers, digital payment token services, and e-money issuance. This makes it a regulated and trusted provider in the financial ecosystem.
How does XREX support small and medium-sized enterprises?
XREX focuses on providing SMEs in emerging markets with efficient and affordable cross-border payment solutions. Its platforms help businesses overcome challenges like currency illiquidity and high transaction costs, enabling smoother international trade.
What is XREX Pay?
XREX Pay is an upcoming B2B cross-border payment platform that will support transactions in fiat currencies and major stablecoins. It is designed to be compliant with international regulations, offering a secure and efficient way for businesses and individuals to transfer money globally.
Is XREX a regulated company?
Yes, XREX Singapore is regulated by the Monetary Authority of Singapore. Additionally, the group holds various international licenses and registrations, including an MSB registration with FinCEN in the United States.
What are the next steps for XREX following this license approval?
The company plans to expand its partnerships with major banks, card issuers, and payment processors. 👉 Explore more strategies for blending traditional and blockchain finance. The goal is to enhance its service offerings and accelerate the adoption of compliant digital currency payments.
How does XREX incorporate stablecoins into its services?
XREX supports the use of regulated stablecoins like USDT and USDC for payments and transfers. These are integrated into their platforms in alignment with international anti-money laundering standards, providing users with faster and more flexible transaction options.