The local branch of Seychelles-based crypto exchange OKX has introduced fee-free deposits and withdrawals of Singapore dollars (SGD) for customers in Singapore, using the country’s payment systems PayNow and Fast and Secure Transfers (FAST).
The announcement, made on Monday, November 18, leverages the exchange’s collaboration with DBS, a leading Singaporean multinational bank, to facilitate the service.
Gracie Lin, the Chief Executive of OKX Singapore, emphasized this partnership’s significance, stating,
“Working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets.”
Lin added that the exchange is working towards introducing more features and services and is
“committed to driving responsible innovation while tailoring our product offering based on the feedback and needs of local users.”
Evy Theunis, DBS’ head of digital assets for the institutional banking group, in a comment made to Reuters, also highlighted the importance of collaboration, noting that it strengthens DBS’ involvement in the digital asset ecosystem. In his words:
“Working with OKX deepens the bank’s wide-ranging involvement in this space.”
Notably, DBS recently introduced “DBS Token Services,” a solution leveraging its Ethereum Virtual Machine (EVM)-compatible permissioned blockchain to enable tokenization and smart contracts. The bank noted that its decision to combine the technology with its core payment engine and industry systems based on its goal to help drive digital transformation in the region’s financial ecosystem.
Meanwhile, this development builds on OKX’s moves in the Singaporean crypto sector. The crypto exchange secured the full Major Payments Institution license in September after receiving in-principle approval from the Monetary Authority of Singapore in February 2024. The platform now offers enhanced services such as spot cryptocurrency trading and cross-border payment solutions to local customers, with Lin—a former MAS official—leading its local operations.
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