Crypto exchange OKX launches Singapore dollar funds transfer service for local customers
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The OKX funds transfer service will be facilitated by DBS and done via PayNow and Fast.
PHOTO: REUTERS
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SINGAPORE - Cryptocurrency exchange OKX said on Nov 18 that it would offer instant Singapore dollar-denominated deposits and withdrawals to customers here, taking a step to deeper integration with the Republic’s traditional financial system as trading and interest in cryptocurrencies surge
The funds transfer service will be facilitated by DBS Group and done via the PayNow and Fast and Secure Transfers payment services, OKX said in a statement.
In an e-mailed comment to Reuters, Ms Evy Theunis, head of digital assets, institutional banking group at DBS, said: “DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank’s wide-ranging involvement in this space.”
Interest in cryptocurrencies has surged following Donald Trump’s victory in the US presidential election, on the view that friendlier regulation under his administration could usher in a new boom for all corners of the asset class.
That has sent Bitcoin on a tear, with the world’s largest cryptocurrency surging above US$90,000 for the first time on record and gaining some 30 per cent for the month thus far.
OKX’s Singapore subsidiary had in September received a payments licence from the Monetary Authority of Singapore, allowing it to provide digital payment token and cross-border money transfer services in the country, which has emerged as a centre for crypto in Asia in recent years. REUTERS
