TechFlow news — OKX announced that its Singapore subsidiary, OKX SG, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Simultaneously, OKX has appointed former MAS official Gracie Lin as CEO of its Singapore regional branch.
According to OKX's press release, the license permits OKX SG to offer digital payment token services and cross-border money transfer services, including cryptocurrency spot trading for Singapore investors.
As CEO, Gracie Lin will oversee the execution of the company's strategic initiatives, including developing digital payment token products and services tailored to the needs of Singaporean customers. Lin previously held positions at MAS, Singapore’s sovereign wealth fund GIC, and ride-hailing giant Grab. She plans to focus on creating crypto products and services suited to the demands of Singaporean investors. She holds a bachelor's degree in economics from the University of Chicago and a master's degree in international and development economics from Yale University.
OKX SG received in-principle approval for the MPI license from MAS in February 2024 and is currently assembling a world-class team of experts to support its plan to serve local clients in Singapore.
At the time, OKX President Hong Fang stated that Singapore is a "priority market" for the digital asset exchange.
