- OKX launches instant SGD deposits, leveraging PayNow and FAST for seamless transactions.
- Gracie Lin, ex-MAS official, named CEO as OKX secures Singapore MPI license.
- Global crypto market hits $3.09T, with Bitcoin reaching a record high of over $93K
OKX has introduced instant deposits and withdrawals in Singapore dollars (SGD) to enhance its alignment with Singapore’s financial infrastructure. The service utilizes PayNow and FAST payment networks and aims to streamline regional cryptocurrency transactions.
These transactions will be executed through DBS Bank, Southeast Asia’s largest bank, which shows Singapore’s increasing incorporation of digital assets.
Seamless Integration with Local Payment Networks
Singapore-based OKX customers can now directly transfer SGD into their accounts if they hold a bank account within the PayNow network. This feature simplifies funding crypto accounts, making OKX a more accessible platform for local users. By leveraging the popular PayNow and FAST systems, OKX ensures that users benefit from efficient and secure transactions.
Additionally, OKX has adopted Singpass verification for quick customer registration and access. Singpass is Singapore’s national digital identity that enables users to authenticate themselves easily and conveniently. It also shortens the registration time to less than a minute and provides better user experience.
Strategic Leadership and Licensing Expansion
In September, OKX appointed Gracie Lin, a former official of the Monetary Authority of Singapore (MAS), as CEO of its Singapore operations. This move coincided with the company receiving a Major Payment Institution (MPI) license from MAS, authorizing it to provide digital payment token services and support cross-border money transfers.
Moreover, OKX approach towards compliance, has focused on Singapore’s regulatory environment as a way of engaging in secure operations within the region. OKX is now a fully licensed exchange in the city-state joining 29 other entities such as Blockchain.com, Circle, and Coinbase that have been issued a full operating license.
Global Expansion and Crypto Market Growth
OKX’s developments in Singapore align with its broader global expansion strategy. Earlier this year, the company launched operations in Australia and introduced a crypto trading platform and Web3 wallet in the Netherlands. OKX’s action plans demonstrate its strategy to expand its market influence and meet the needs of various clients.
At the same time, the global cryptocurrency market capitalization hit $3.09 trillion with the recent rise of Bitcoin to $93,000+. Other digital currencies also boosted the market, making investors optimistic about the future. The Cryptocurrency Fear and Greed Index reflected high market confidence, peaking at 90 over the weekend before settling at 83 on Monday.
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