Michaela Alvez
OKX Singapore CEO Gracie Lin unveiled a new milestone for the crypto exchange, announcing that Singaporean users can now make instant, fee-free SGD deposits and withdrawals via PayNow and FAST payment services.
This integration was made possible through a collaboration with DBS Group Holdings Ltd. DBS is one of the 27 banks and major financial institutions in Singapore participating in PayNow, a service that enables real-time, 24/7 money transfers through the Fast and Secure Transfers (FAST) network.
“This is a big step towards making digital assets more accessible for everyone in the country,” Lin wrote in a blog published on OKX’s website.
OKX’s service aims to provide seamless, real-time payments that offer a significant boost to Singaporean crypto users, who can now deposit and withdraw funds quickly without the usual delays of traditional banking hours. Moreover, this innovation will make it easier for crypto enthusiasts to trade on OKX’s web platform or app without the need for multiple currency conversions.
“Our local payment rails solve key friction points when it comes to interacting with the digital asset space” Lin wrote, emphasizing how the right infrastructure can transform customer experience.
In September 2024, OKX was officially granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
This approval followed an in-principal authorization received earlier in February 2024, paving the way for OKX to offer digital payment token services and cross-border money transfers within the country. The license will enable OKX to surpass the typical volume limits that are usually set for payment institutions in Singapore.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
