XREX Singapore, a blockchain financial institution specializing in cross-border payments, has obtained the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). This comes after receiving in-principle approval in November 2023.

The MPI license signifies XREX Singapore’s commitment to regulatory compliance and its goal of making blockchain finance accessible.

The company plans to leverage this license to launch XREX Pay, a platform offering cross-border B2B payments, remittance solutions, and support for fiat currencies and stablecoins.

“The MPI license is a testament to our unwavering commitment to the highest regulatory compliance standards,” said XREX Co-founder and Group CEO Wayne Huang.

“We look forward to working with one of the world’s leading regulators to make blockchain finance safe and accessible to the general public.”

XREX Pay will facilitate frictionless cross-border payments for businesses, particularly in emerging markets, aligning with XREX’s mission to foster financial inclusion.

The platform will support Singapore Dollar (SGD) and US Dollar (USD) transactions, alongside stablecoins like USDT and USDC, while complying with the Financial Action Task Force (FATF) travel rule.

XREX Singapore’s MPI license covers six payment services: account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance, and digital payment token services.

“XREX is approved for six of the seven payment services under the MPI licensing regime,” said XREX Co-founder and Group Chief Revenue Officer Winston Hsiao.

“With XREX Singapore as our Asia Pacific headquarters, we look forward to expanding partnerships to build next-generation financial systems that integrate traditional and blockchain finance.”