As President of OKX, I'm excited to share that we've secured an in-principle approval for a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).
I'm proud to say that OKX is among the most trusted crypto platforms in the world. Millions of customers feel safe accessing and interacting with the crypto markets through our platform. An important part of our global strategy is to identify key markets, build locally, and make long-term investments. As we build technology globally to empower the future, we're continually humbled by the opportunities to be part of local communities.
As an applicant, we've been providing our products and services in Singapore for a few years now under the Payment Services (Exemption for Specified Period) Regulations 2019. With the in-principle approval from MAS, we look forward to providing more access and opportunities to our customers. It's both exciting and humbling to reach such a significant milestone and be granted an opportunity to have an impact.
Why Singapore
Singapore has always been a priority country for us as part of our global strategy. As a regional financial and technology hub, Singapore attracts forward thinkers, entrepreneurs, and innovators who are open to venturing into the new. It's a market of early adopters who are well-versed in technology. There is a notable track record of tech and fintech startups establishing their presence in Singapore, building powerful products, and developing a strong brand. We're excited about the opportunity to join the league and build for, and with, the local community in Singapore.
Singapore's clear and thoughtful regulatory framework helps protect customers, provides clear guardrails to a new innovation-driven industry, and empowers entrepreneurs to build better for the long-term. Regulatory compliance is at the core of our global strategy and we're committed to continue our transparent engagement with MAS to ensure responsible innovation.
Importantly, Singapore also boasts a world-class talent pool that has both local insights and global perspectives. We feel fortunate to have Singapore as one of our global hubs and are keen to continue to invest in the country.
Our product in Singapore
With the in-principle approval from MAS, we'll focus on the spot product first, expanding our offering as we build. Our local team will also be working intensely to bring local banking connections to our customers as soon as possible, setting the stage to build a more tailored and enhanced suite of products over time for the market.
Our commitment
We've been doing our part to foster the local Web3 community in Singapore and have invested in a local incubator to support builders to lead with innovation. We've been a proud main-stage sponsor for Token2049 for two years in a row, arguably the largest and the most impactful crypto conferences of the world hosted in and supported by Singapore. For two consecutive years, we've also partnered with the McLaren F1 team and co-designed a custom livery to celebrate the spirit of Singapore during the Grand Prix. All these are small steps in our journey as we aspire to be an impactful contributor to the Singapore Web3 ecosystem.
The in-principle approval from MAS is a validation of our business strategy, and also an exciting opportunity for us to continue as a responsible stakeholder in this country. If there are places where the best practices in both regulated and innovation-driven industries can converge, Singapore will be one of them. Our goal is to bring more transparency and access to our customers through innovation. By combining our global resources with our local knowledge and expertise, we look forward to being a long-term and impactful player.
We're here to stay.
Hong
President, OKX
Learn more at okx.com
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.
