OKX Secures Major Payment Institution License in Singapore, Appoints Former MAS Official as CEO
Cryptocurrency exchange OKX has made significant strides in expanding its presence in Singapore, securing a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointing a new CEO with extensive regulatory experience.
The MPI license, granted under the Payment Services Act 2019, allows OKX’s local entity, OKX SG Pte. Ltd., to offer digital payment token and cross-border money transfer services, including spot trading of cryptocurrencies for Singaporean customers. This development comes after OKX received in-principle approval from MAS in February 2024.
Concurrent with the licensing announcement, OKX has named Gracie Lin as CEO of its Singapore operations. Lin brings nearly two decades of experience across the financial, public, and technology sectors. Her background includes roles at ride-hailing giant Grab, where she headed the Regional Strategy & Economics team, as well as positions at MAS and the sovereign wealth fund GIC.
In her new role, Lin will oversee OKX’s strategic initiatives in Singapore, focusing on developing permitted digital payment token products and services tailored to local customer needs. Her appointment underscores OKX’s commitment to building a strong local presence with leadership well-versed in Singapore’s regulatory landscape.
The MPI license allows OKX to exceed volume limitations typically imposed on payment institutions in Singapore. Licensed companies can surpass the 3 million Singaporean dollar (approximately $2.2 million) volume limit for a single payment service and the monthly limit of 6 million SGD ($4.4 million) for two or more payment services.
OKX’s expansion in Singapore aligns with the city-state’s growing reputation as a global cryptocurrency hub. A recent study by Henley & Partners ranked Singapore first worldwide in crypto adoption, citing its favorable financial, business, and regulatory environment.
As part of its growth strategy, OKX plans to enhance its product offerings for Singaporean customers, including introducing seamless connectivity to local bank accounts for easier deposits and withdrawals. The company aims to contribute to the development of Singapore’s digital asset industry by collaborating with regulators, partners, and the broader community.
