OKX MPI License Approved to Help Exchange Boost Services in Singapore

Key Points:

• OKX Singapore received a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
• Gracie Lin, a former official at MAS, GIC, and Grab, has been appointed as CEO of OKX SG to lead strategic initiatives.

Global cryptocurrency exchange OKX said Monday its Singapore-based entity OKX SG has obtained a full Major Payment Institution license from the Monetary Authority of Singapore.

Read more: New OKX European Hub Will Be Malta To Strictly Comply With MiCA Framework 

OKX MPI License Approved By MAS

The OKX MPI license will allow OKX’s Singapore entity to offer services related to digital payment tokens and money transfers across borders, including conducting spot trading of cryptocurrencies with local investors.

In that connection to the OKX MPI license approval, OKX named Gracie Lin as CEO of its Singapore operation. With the appointment, Lin brings a wealth of experience from previously working at MAS, Singapore’s sovereign wealth fund GIC, and ride-hailing company Grab.

At MAS, she was deputy director and head of money markets during her ten-year tenure. Lin later moved to sovereign wealth fund GIC, where she served as vice-president of business management until 2018. Lin then joined ride-hailing firm Grab, serving as the firm’s managing director of strategy and economics before quitting in March this year.

OKX Develops Its Singaporean Entity with New License and Different Leadership

Lin’s appointment as CEO at OKX is seen as a strategic move that the firm is doing to help shore up its presence in Singapore’s fast-growing cryptocurrency market. During her tenure, she wants to develop digital payment token products for Singaporean customers.

“As a key digital asset hub, Singapore is an integral part of our global strategy… We are more committed than ever to enabling access for our customers, and contributing to the community and ecosystem,” said Lin.

OKX SG was granted in-principle approval for the MPI license back in March. The granting of the full OKX MPI license will now accord it the needed regulatory regime required to extend its services a major step taken by the exchange toward its growth strategy in the region.