OKX President Hong: The Singapore Trip and Future Development
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OKX President Hong: The Singapore Trip and Future Development
Our long-term vision in Singapore extends beyond product development, aiming to drive responsible innovation through close collaboration with regulators, partners, the broader community, and customers, while becoming a key contributor to the growth of the local digital asset industry.
Navigating Web3 tides with focused insightsOn September 2, OKX President Hong published a new blog titled "The Journey to Singapore and Our Future." The full translation is as follows:
Today, we are announcing two major developments in Singapore. Both reflect our long-term commitment to responsible building in the Lion City.
First, following the in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license received in February, we are pleased to announce that we have now officially obtained MAS’s approval for the MPI license. We are honored to continue contributing to the local community in a secure, transparent, and thoughtful manner. Singapore is a key market in our global strategy, and securing the MPI license marks another milestone in our long-term commitment to Singapore.
Second, we are thrilled to appoint Gracie Lin as our CEO for Singapore. Our philosophy and practice have always been to hire the best local leaders and empower them fully—this enables us to better serve our local customers. Gracie is an exceptional leader with extensive and relevant experience in public policy, investment management, capital markets, and startup technology. We are fortunate to have her at the helm to drive market growth and investment.
We are actively working to optimize our product suite for Singaporean customers in accordance with local regulations. Buy/sell and conversion trading are already live. Furthermore, the first product upgrade following the MPI license approval is seamless integration with local bank accounts, enabling Singaporean users to deposit and withdraw funds easily. Stay tuned for further updates—the team is hard at work.
Our long-term vision in Singapore extends beyond products. We are committed to driving responsible innovation through close collaboration with regulators, partners, the broader community, and our customers, aiming to become a key contributor to the development of Singapore's digital asset industry. We will tailor our products to meet local customer needs while actively investing in infrastructure, talent, and education to support the industry’s growth.
Long-Term Vision
Our mission is to deliver responsible innovation to our customers, which we aim to achieve globally through two core pillars:
1. Local Building
In recent years, our focus has been on establishing a strong local presence in countries with significant potential for sustainable growth.
This includes hiring and empowering top-tier local leaders, deepening our connection with customers, understanding, and prioritizing local needs. We drive product innovation locally and strive to be constructive contributors to local communities.
We’ve long believed that the power of crypto comes from—and will always come from—the grassroots community. If we lose touch with real crypto users, we risk losing focus and relevance. For this reason, we’ve made substantial investments in building robust local teams across key regions including Europe, the Middle East, the Americas, and Asia. We’re proud of the quality of leadership we’ve cultivated locally over the past few years.
Gracie’s appointment as CEO for Singapore is part of our ongoing effort to strengthen our global leadership team in strategic markets. She joins a passionate group of OKX leaders across Europe, Australia, UAE, the Bahamas, Türkiye, Brazil, and Argentina. I feel incredibly fortunate to work alongside such a strong and diverse leadership team.
2. Responsible Building
The other critical component of our strategy is responsible building—a principle that guides all our work. This is essential to build trust with the public and enable seamless transitions between crypto and traditional finance (TradFi) for our customers.
We are committed to investing the resources necessary for innovation that benefits our customers in the long term. As such, our global localized leadership team has worked collaboratively over the past few years to identify business opportunities worldwide within an increasingly regulated crypto landscape.
Recently, another key milestone was the establishment of our MiCA (Markets in Crypto-Assets) Hub in Malta, which positions us to offer crypto asset services to hundreds of millions of users across the European Union.
Looking Ahead
We’ve spent a decade in the crypto space—proud of what we’ve achieved so far, yet still driven to move forward. In the long run, executing our strategy of local and responsible building is key to delivering responsible innovation for our customers.
By strengthening our footprint in Singapore, we have taken an important step. We look forward to making Singapore a central hub for close collaboration with our customers and partners, advancing responsible innovation, and giving back to the community.
Going forward, we will continue sharing more progress from Singapore and other regions throughout 2024 and beyond.
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