OKX Secures Major Payment License in Singapore, Expands Regional Footprint
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Global cryptocurrency exchange OKX has taken a significant step forward in its expansion strategy by securing a Major Payment Institution (MPI) license from Singapore’s central bank, the Monetary Authority of Singapore (MAS). This license allows OKX to offer digital payment token services, including cross-border money transfers and spot trading of cryptocurrencies, within Singapore.
Strategic Expansion and Leadership Appointment
Alongside the licensing news, OKX announced the appointment of Gracie Lin as the CEO of its Singaporean subsidiary, OKX SG Pte. Ltd. Lin, who brings extensive experience from roles at Grab, MAS, and GIC, is set to lead OKX’s strategic initiatives tailored to the Singapore market. Her leadership underscores OKX’s commitment to expanding its presence in the region.
“Singapore is a world-class digital asset hub and an important market for OKX,” Lin said, emphasizing the strategic significance of the MPI license. “We are more committed than ever to enabling access to digital assets for our customers and contributing to the community and ecosystem.”
Singapore’s Role in OKX’s Growth Strategy
The MPI license, granted under Singapore’s Payment Services Act 2019, marks a critical milestone for OKX as it reinforces its foothold in one of the most forward-thinking digital asset markets globally. Singapore has been positioning itself as a leading hub for cryptocurrency and fintech, making it an attractive destination for companies like OKX.
The approval follows an in-principle agreement received by OKX SG in February 2024, signaling the company’s ongoing commitment to the region. OKX SG is now focused on building a team of experts to cater to the local market, aiming to strengthen its role in Singapore’s burgeoning digital asset ecosystem.
OKX’s expansion in Singapore is expected to provide local customers with greater access to cryptocurrency services, further integrating digital assets into the financial landscape. With the backing of the MAS and the leadership of Lin, OKX is poised to play a pivotal role in the region’s digital finance transformation.
