New Paxos Singapore Executive Director Appointed to Enhance Market Expansion

Key Points:

• Paxos Trust Co. appointed Jeannie Lim as Paxos Singapore executive director.
• Paxos Singapore received approval to offer digital payment token services from the Monetary Authority of Singapore.
• The company continues global expansion, issuing various stablecoins including Paxos Dollar and PayPal’s PYUSD.

Paxos Trust Co. has announced the appointment of Jeannie Lim as the executive director at Paxos Singapore. Lim, who was previously the head of messaging payments at Meta Platforms Inc. in Singapore, will now spearhead Paxos’ strategic vision and goals for the Asia-Pacific (APAC) region.

Jeannie Lim Appointed as Paxos Singapore Executive Director

The responsibilities of Paxos Singapore executive director will include overseeing new business opportunities and partnerships, as well as maintaining engagement with key clients, partners, and regulators.

According to Bloomberg, the leadership change follows the transition of Rich Teo, co-founder and former CEO of Paxos in Asia, who remains on the board. Teo co-founded Paxos with Charles Cascarilla in 2012, and the company has since raised $300 million in a funding round led by Oak HC/FT.

Paxos Expands Global Reach with New Stablecoin Initiatives

In addition to the announcement of the new Paxos Singapore executive director, it has secured approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services as a major payment institution. The approval marks Singapore as the third market, after the US and the United Arab Emirates, where Paxos is authorized to issue stablecoins.

Paxos is renowned for issuing the Paxos Dollar and PayPal’s PYUSD stablecoin, and was the former issuer of Binance USD. The expansion to Singapore signifies a major step forward for Paxos, it is also licensed in the Abu Dhabi Global Market (ADGM). Recently, Paxos launched a yield-bearing stablecoin targeting the Argentine market, providing a stable investment amid the devaluation of the Argentine peso.