OKX enables zero-fee SGD transfers in Singapore
Seychelles-headquartered global crypto exchange OKX outlined on Nov. 18 that it will offer instant, zero-fee Singaporean dollar (SGD) deposits and withdrawals into and out of the exchange platform for customers resident in Singapore.
DBS partnership
In a press release published by GlobeNewswire on behalf of OKX, the company outlined that it has been in a position to enable this feature for its Singapore-based customers due to a collaboration with Singapore’s largest bank, DBS Bank.
OKX Singapore CEO Gracie Lin said that “working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets.”
As DBS is one of 27 banks that participate in PayNow, a real-time payment system that falls under the Fast and Secure Transfers (FAST) service in Singapore, OKX customers who are also customers of a bank that participates in the PayNow scheme, can effect those SGD deposits and withdrawals in real time.
Lin added that OKX is working towards the addition of more features in an effort to further enhance the customer experience. The new offering takes OKX a step further towards integrating with the local traditional finance system (TradFi).
Singpass integration
Additionally, the exchange has also integrated Singpass verification. Singpass is a digital identity system that enables Singaporean residents to access private sector and government services online.
Back in March, the company acquired in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) in respect of a Major Payments Institution (MPI) license. Continuing that shift towards regulatory compliance, it followed up with the acquisition of a full MPI license from MAS in September. The company is now one of 29 crypto sector firms to have been licensed by MAS in Singapore.
While a particular effort has been made in Singapore, OKX has been making similar in-roads elsewhere. Last month, it launched its service in the United Arab Emirates (UAE), having received full licensing from Dubai’s Virtual Assets Regulatory Authority (VARA).
Making further progress in October, OKX partnered with UK-headquartered multinational bank Standard Chartered for institutional crypto custody.
Both Singapore and the UAE are seen by the company to be strategic crypto hubs. However, its efforts in expanding its offering globally has also taken it into other markets. In February OKX launched OKX TR, a specialized crypto exchange platform catering to the specific needs of the Turkish market.
In an emailed response to Reuters, DBS Bank’s Head of Digital Assets, Evy Theunis, commented on its partnership with OKX:
”DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank's wide-ranging involvement in this space."
DBS has been following its own path as a pioneering TradFi entity getting further involved in cryptocurrency, blockchain and tokenization. Last month it launched DBS Token Services for institutions, integrating tokenization and smart contracting capabilities within its existing conventional services.
