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New York headquartered stablecoin issuer Paxos Trust has appointed Jeannie Lim as the executive director at Paxos Singapore. Lim, who was previously the head of messaging payments at Meta Platforms Inc. in Singapore, will spearhead the company’s strategic initiatives in the Asia-Pacific (APAC) region, Bloomberg reported on Tuesday.
“Jeannie will be responsible for developing and driving Paxos’ strategic vision and goals for the APAC region,” a Paxos spokesperson shared, adding that she will oversee new business opportunities and partnerships, as well as manage continued engagement with key clients, partners, regulators, and the like throughout the region.
Lim spent six years at Meta, and previously held sales/business development roles in Singapore at First Data Corporation and Worldpay, and in the US at Discover, Expedia, Chase, and Cardinal Commerce, according to her LinkedIn profile
Rich Teo, co-founder and former chief executive officer of Paxos in Asia, remains a board member. Paxos employees were informed in February of Teo’s transition from his daily operational role. Teo, along with Charles Cascarilla, co-founded Paxos in 2012. The company raised $300 million in a funding round led by Oak HC/FT.
The company's Singapore entity is licensed by the Monetary Authority of Singapore to offer digital payment token services as a major payments institution. Singapore is Paxos' the third market, following the US and the United Arab Emirates, where the company and its related entities are authorized to issue stablecoins.
Yesterday, Paxos announced that DBS Bank, Southeast Asia's largest bank by assets, will be its primary banking partner to provide cash management and custody services for Paxos' stablecoin reserves.
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