XREX Singapore Receives MAS Major Payment Institution Licence

Singapore, May 13, 2024 - XREX Singapore, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, announced today that it has obtained the Major Payment Institution (MPI) Licence from the Monetary Authority of Singapore (MAS). This licence allows XREX to offer a wider range of payment services in Singapore and further solidifies its position as a leading player in the financial technology industry.

The MAS MPI Licence is a highly sought-after regulatory approval that enables payment institutions to provide a variety of services, including funds transfer, payment processing, and issuance of e-money. XREX Singapore’s receipt of this licence demonstrates its commitment to compliance and its ability to meet the strict regulatory requirements set by MAS.

“We are thrilled to receive the MPI Licence from MAS,” said Mr. Rohan Agarwal, CEO of XREX Singapore. “This licence will enable us to expand our offerings in Singapore and provide better services to our customers. We remain committed to compliance and will continue to work closely with regulatory authorities to ensure that our services are always up to the highest standards.”

XREX Singapore’s MPI Licence is a significant milestone for the company, as it looks to expand its presence in Southeast Asia. With this licence, XREX can now offer a wider range of payment services to its customers, including e-money issuance and payment processing. This will enable businesses and individuals to make and receive payments more efficiently, thereby reducing the costs and complexities associated with traditional payment methods.

The MAS MPI Licence is not an easy feat to achieve. XREX Singapore has had to demonstrate its commitment to compliance, security, and customer protection in order to meet the strict regulatory requirements set by MAS. The company has implemented robust anti-money laundering (AML) and counter-terrorism financing (CFT) measures, as well as comprehensive risk management systems to ensure the safety and security of its customers’ funds.

XREX Singapore’s receipt of the MPI Licence is a testament to its dedication to compliance and customer protection. The company has always been committed to adhering to the highest regulatory standards, and this licence serves as a validation of that commitment.

The impact of XREX Singapore’s MPI Licence extends beyond the company itself. It also has positive implications for the financial technology industry in Singapore and the wider region. The licence demonstrates that blockchain-enabled financial institutions can operate in compliance with regulatory requirements, thereby paving the way for further innovation and growth in the sector.

In conclusion, XREX Singapore’s receipt of the MAS MPI Licence is a significant achievement that highlights the company’s commitment to compliance and customer protection. With this licence, XREX can now offer a wider range of payment services to its customers in Singapore and beyond, thereby contributing to the growth and development of the financial technology industry in the region.