Good News for OKX as it Secures MPI License from MAS

Global cryptocurrency exchange OKX has just announced that its Singapore entity, OKX SG, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the nation's primary financial regulator.

This license authorises OKX SG to provide digital payment token services and cross-border money transfers, including spot crypto trading for Singaporean investors, further strengthening its foothold in the region's rapidly expanding crypto market.

OKX President, Hong Fan, expresses her excitement in a blog post as well as a post on X (formerly known as Twitter):

“…following in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in February, we're pleased to have now received approval for an MPI license from the MAS. We feel privileged to have the opportunity to continue to contribute to the local community in a secure, transparent and thoughtful way. The country is a key market in our global strategy, and receiving an MPI license marks another milestone for us in our long-term commitment to Singapore.”

She points out that in conjunction with the milestones, OKX is in the midst of enhancing their product suite in line with the local regulations, for Singaporean customers.

OKX Appoints Ex-MAS Executive as Singapore's CEO

OKX also announced the appointment of former regulator Gracie Lin as CEO of its Singapore business, as per a 2 September announcement.

Lin, with a strong background in regulatory and financial matters, intends to focus on developing crypto products and services tailored to the needs of Singaporean investors.

In a blog post on OKX's site, Lin says:

“I'm thrilled to share that I've joined OKX Singapore as CEO. I've taken on this challenge because I believe that crypto represents the next frontier of innovation, and Singapore plays a significant role in adoption. I'm confident that we're well-placed to connect Singapore customers with the onchain world in a secure and seamless way.”

Lin's extensive experience includes roles at the MAS, where she served as deputy director and head of money markets from 2005 to 2015.

She also held the position of vice-president of business management at the sovereign wealth fund GIC for a year until 2018.

Joining Grab in July 2018 as director and head of economics, Lin left the company in March as managing director of strategy and economics.

Her diverse experience across regulatory, financial, and strategic roles positions her well to lead OKX's Singapore operations.

She adds:

“Born and raised here, I've always looked for ways to make a difference in Singapore. I've been fortunate to have had opportunities to do so in my previous roles at MAS, GIC and Grab. I believe OKX SG is the perfect launchpad to contribute on an even greater scale.”

OKX Previously Received "In-Principle" License from Singapore

OKX's Singapore unit, OKX SG, received in-principle approval for a MPI license from the MAS in March.

At that time, Fang emphasized that Singapore has always been a priority in the exchange's global strategy.

She noted that Singapore attracts entrepreneurs exploring new markets and is a market of early adopters who are well-versed in technology.

Fang also praised the country's regulatory framework as "clear and thoughtful," enabling businesses to "build better for the long-term."

She expresses optimism and confidence that Singapore will continue to be a key location where OKX can work closely with its customers and partners to innovate responsibly and make a positive contribution to the community, in OKX's latest blog post.

She concluded:

“We've marked almost a decade in our journey in crypto. We're proud of where we are, and we're motivated to continue our journey. Executing the strategy of building locally and responsibly is key to driving responsible innovation for our customers in the long run. By enhancing our presence in Singapore, we're taking an important step forward in our journey. We hope Singapore will continue to be a key location where we work closely with our customers and partners to responsibly innovate, and make a positive contribution to the community. As we continue to bring our vision to life, we look forward to sharing more updates about Singapore and other regions in 2024 and beyond.”