Cryptocurrency exchange OKX has announced the launch of instant Singapore dollar-denominated deposits and withdrawals for its customers in Singapore. This move signifies OKX's deeper integration with Singapore's traditional financial system, capitalizing on the growing interest in cryptocurrency trading.
Seamless SGD Transfers via DBS and PayNow/FAST
The new service is facilitated through a partnership with DBS Group, Singapore's largest bank, utilizing the country's widely adopted PayNow and Fast and Secure Transfers (FAST) payment systems.
👉 Discover how OKX is revolutionizing crypto payments in Singapore
Evy Theunis, Head of Digital Assets at DBS Institutional Banking Group, emphasized the bank's commitment to fostering innovation in the digital asset space:
"DBS has been actively building a responsible and innovative digital asset ecosystem in Singapore. Collaborating with OKX further strengthens our involvement in this evolving sector."
Surging Crypto Interest Post-U.S. Election
The crypto market has experienced renewed momentum following the recent U.S. presidential election, driven by expectations of more favorable regulations under the new administration.
Key developments include:
- Bitcoin surpassing $90,000 for the first time in history.
- A 30% monthly increase in BTC's value, reflecting heightened investor confidence.
OKX’s Regulatory Milestone in Singapore
In September, OKX's Singapore subsidiary secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). This authorization enables OKX to offer:
- Digital Payment Token (DPT) services
- Cross-border money transfers
Singapore has solidified its position as Asia’s leading crypto hub, thanks to progressive regulations and institutional adoption.
FAQs
1. How does OKX’s SGD transfer service work?
OKX users in Singapore can deposit/withdraw SGD instantly via DBS Bank, using PayNow or FAST for seamless transactions.
2. What regulatory approval does OKX have in Singapore?
OKX holds an MAS-issued MPI licence, permitting DPT services and international money transfers.
3. Why is crypto gaining traction post-election?
Anticipated pro-crypto policies under the new U.S. administration have boosted market optimism, driving Bitcoin to record highs.
👉 Explore OKX’s crypto solutions today
For further inquiries, refer to OKX’s official announcements or MAS regulatory updates.