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XREX, a blockchain-enabled financial institution specialising in cross-border payments in emerging markets, has received a Major Payments Institution (MPI) Licence from the Monetary Authority of Singapore (MAS), according to an announcement on Monday.
The MPI license granted to XREX Singapore encompasses a wide array of financial services, including account issuance, domestic and cross-border money transfer, merchant acquisition, e-money issuance, and digital payment token services. Notably, XREX is among the select few entities globally to have received six out of the seven financial services under the MPI license.
The news comes some five months after XREX received provisional approval for the MPI license.
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With the MPI license secured, XREX Singapore plans to launch XREX Pay, a dedicated platform offering B2B cross-border payment functionalities for businesses. XREX Pay will support traditional currencies like Singapore dollar (SGD) and US dollar (USD) alongside stablecoins like USDT and USDC. This comprehensive approach ensures flexibility and caters to the evolving needs of businesses, the company said.
XREX co-founder Winston Hsiao expressed the company's strategic decision to pursue the MPI license, citing Singapore's regulatory framework as conducive to its goals.
"In the past few years, the XREX compliance team has evaluated various licenses. We’ve decided to apply for the MPI license because the Singapore regulator has placed the licensing of digital token services under its payment license. This aligns with XREX's goal of utilizing stablecoins to facilitate cross-border payments for small and medium enterprises in developing countries," Hsiao said in comments posted on LinkedIn.
