Highlights:
- OKX has launched zero-fee on SGD deposits and withdrawals through PayNow and FAST supported by DBS.
- With Singpass verification, the time taken to onboard a customer to OKX is reduced by up to 90% in Singapore.
- In September, OKX got a major payments license from MAS expanding its crypto offering in the region.
A prominent cryptocurrency exchange, OKX, announced that Singapore-based customers can now execute zero-fee SGD deposits and withdrawals through PayNow and Fast and Secure Transfers (FAST). Facilitated by Singapore’s largest bank, DBS, this initiative simplifies transactions for OKX users. The platform seeks to improve the experience of local financial infrastructure by offering instant transfers.
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According to the press release, OKX customers with bank accounts in participating banks can easily deposit and withdraw SGD with the PayNow and FAST services. The company remains committed to offering services as localized as possible in order to enable a smooth transition between traditional banking and digital asset management.
Exciting News for Singapore 🇸🇬: We’ve launched instant, zero-fee SGD deposits & withdrawals on OKX SG, facilitated by @dbsbank.
Now you can access digital assets faster and more affordably using trusted local payment methods like PayNow and FAST — no hidden fees or extra… pic.twitter.com/8Sua16ztsY
— OKX SG (@OKXSG) November 18, 2024
OKX also launched Singpass verification in addition to zero-fee transfers. This decreases customer onboarding time by a large margin. The whole process is completed in under one minute. Singapore’s digital identity platform, Singpass, offers a reliable and swift means for user identity verification and enhances security and accessibility to customers efficiently.
Regulatory Milestones and Integration with DBS
DBS’s active participation in the two initiatives (PayNow & FAST) shows its dedication to enabling the digital asset ecosystem. DBS’ partnership with OKX, bridges the gap between regular banking and crypto services. Gracie Lin, CEO of OKX Singapore, highlighted the need for Singapore customers to easily and securely access digital assets. She stated that through the relationship with DBS, Singapore customers now have a robust infrastructure.
In September, the Monetary Authority of Singapore (MAS) granted OKX Singapore a Major Payment Institution (MPI) license. Under this license, OKX offers digital payment token services and cross-border money transaction services. The MPI license is a key regulatory milestone for the company, as it affords a greater trust and legitimacy to operate in Singapore’s financial sector.
We're taking crypto to the heart of financial markets and mainstream adoption: Singapore 🇸🇬
We've received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.
To lead our charter in… pic.twitter.com/33y3fXM4S4
— OKX (@okx) September 2, 2024
Gracie Lin, who used to work with MAS and Grab, is now managing OKX’s Singapore operations. Her knowledge of regulatory compliance and regional strategy is expected to further strengthen the exchange’s regional market position.
Improved Access to Crypto Markets Amid Market Growth
Increasing interest in cryptocurrency trading coincides with OKX ’s launch of zero-fee SGD deposits and withdrawals. Recently, market momentum has picked up, with Bitcoin breaking $90,000 due in part to speculation on potential regulatory changes under the new U.S. administration. This surge in market activity makes streamlined access to crypto markets more crucial than ever.
OKX supporting instant SGD transfers, transaction currency conversion is not necessary, and it essentially removes intermediate steps, simplifying the trading process for users. This move will facilitate digital asset transactions and align with Singapore’s goal to promote financial innovation with appropriate regulatory oversight.
Commitment to a Secure and Efficient Ecosystem
The collaboration between OKX and DBS is in line with a broader crypto platform tie-up with traditional financial institutions. This approach seeks to strengthen digital asset trading infrastructure, connect traders, and build a more integrated ecosystem. As a major facilitator, DBS adds credibility and stability to the service, ensuring user confidence.
The legal framework in Singapore helps OKX improve the security and compliance of its offerings. This alignment helps the exchange to be a reliable source of digital asset solutions, thereby supporting its long-term strategy for growth in the region.
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