Global cryptocurrency exchange OKX announced that its Singapore-based entity, OKX SG, has received a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
MPI License Approved by MAS
The MPI license allows OKX's Singapore entity to offer services related to digital payment tokens and cross-border money transfers. This includes conducting spot trading of cryptocurrencies with local investors.
Developing OKX's Singaporean Entity
The appointment of Gracie Lin as the CEO of OKX's Singapore operation is seen as a strategic move to strengthen the company's presence in Singapore's rapidly growing cryptocurrency market. Lin plans to develop digital payment token products for Singaporean customers.
Appointing Gracie Lin
Gracie Lin brings a wealth of experience from her work at MAS, Singapore's sovereign wealth fund GIC, and ride-hailing company Grab. At MAS, she served as Deputy Director and Head of Money Markets. She later moved to GIC, where she served as Vice-President of Business Management until 2018. Lin then joined Grab as Managing Director of Strategy and Economics before leaving in March this year.
The granting of the full MPI license to OKX's Singapore entity is a significant step towards the exchange's growth strategy in the region.
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