Singapore, November 18 — Cryptocurrency exchange OKX has launched a new service allowing instant deposits and withdrawals in Singapore dollars (SGD). This move, facilitated through a partnership with DBS Group and leveraging PayNow and FAST payment services, reflects the growing synergy between cryptocurrency platforms and Singapore’s financial ecosystem. The announcement comes as global interest in digital assets continues to rise.
As cryptocurrency adoption surges worldwide, Singapore has emerged as a hub for digital assets in Asia. OKX, one of the leading global crypto exchanges, secured a payments license from the Monetary Authority of Singapore (MAS) in September, enabling it to provide digital payment token and cross-border transfer services. This latest development signifies a deeper integration with the Republic’s financial system.
Instant SGD Transactions via OKX
OKX’s new service allows Singapore customers to make instant SGD-denominated deposits and withdrawals through PayNow and FAST payment systems. The partnership with DBS Group, Singapore’s largest bank, ensures seamless fund transfers.
DBS Group’s Role in the Ecosystem
Evy Theunis, head of digital assets at DBS, emphasized the bank’s commitment to fostering a responsible and innovative digital asset ecosystem in Singapore. She noted that the collaboration with OKX broadens DBS’s role in the cryptocurrency space.
Market Surge Following U.S. Election
The announcement coincides with a global surge in cryptocurrency trading, driven by expectations of friendlier regulations under Donald Trump’s U.S. presidency. Bitcoin has hit record highs, surpassing US$90,000 (S$121,500), with a monthly gain of 30%.
Licensing Milestone for OKX
In September, OKX received a payments license from MAS, solidifying its position in Singapore’s regulatory framework. This license allows the platform to provide compliant digital payment token services.
Read More: Trump’s Second Act: Will Crypto Thrive or Dive?
Singapore as Asia’s Crypto Hub
Singapore has become a leading crypto hub in Asia due to its progressive regulatory environment and robust financial infrastructure. The integration of traditional banking and digital assets signals further growth for the sector.
OKX’s launch of instant SGD transfers marks a milestone in Singapore’s crypto evolution. For local and international users, this service enhances the ease of trading and investing in digital assets, solidifying Singapore’s reputation as a global leader in cryptocurrency innovation.
OKX has partnered with DBS Group to offer instant SGD transactions via PayNow and FAST payment systems. This service aligns with Singapore’s push to integrate traditional banking with cryptocurrency platforms, amid a global surge in digital asset interest. The move highlights Singapore’s growing status as a hub for crypto innovation in Asia.
Sources: Reuters, The Straits Times (2024)
Keywords: Crypto Exchange OKX, Instant SGD Transfer, Singapore Service
