The approval in principle allows Xfers Pte. Ltd. to offer a wider range of payment services in the future, and StraitsX Payment Services Pte. Ltd.[1] to provide digital payment token services.
SINGAPORE, January 3, 2024 /PRNewswire/ — Xfers Pte. Ltd (“Xfers”), the fiat payment gateway of StraitsX Payment Services Pte. Ltd. (“StraitsX”), has received an approval in principle (IPA) from the Monetary Authority of Singapore (MAS) for additional payment services under the Payment Services Act 2019.
Additionally, StraitsX has also received an IPA license for a Major Payment Institution (MPI) license to provide digital payment token services, with the aim of being a designated distributor of XSGD and XUSD.
The use case of Xfers Pte. Expanded scope of MPI license from Ltd.
In the future, Xfers will continue to provide fiat payment rails allowing StraitsX customers to deposit or withdraw fiat currencies during the minting and redemption process on the StraitsX platform. Once the MPI license variation is granted, Xfers’ expanded MPI license scope will provide more streamlined access to digital assets for StraitsX customers with the following services:
- Account issuance service
- National Money Transfer Service
- Cross-border money transfer
- Merchant Acquiring Service
- Digital Payment Token Service
The use case of StraitsX Payment Services Pte. MPI License from Ltd. for DPT services
The latest MAS nod for StraitsX Payment Services Pte. Ltd to provide digital payment token services after earlier news from its other affiliated entities, StraitsX SGD Issue Pte. Ltd., and StraitsX USD Issuance Pte. Ltd. both receive IPAs to offer digital payment token services, for the issuance of single currency stablecoins, XSGD and XUSD, from these entities, respectively.
As the designated distributor of XSGD and digital payments such as XSGD and XUSD on the StraitsX platform.
Kenny Chanhead of StraitsX, said: “We are delighted to receive in-principle approval from MAS for the expansion of our payment services. This approval marks an important milestone in our commitment to providing comprehensive and secure financial solutions to our customers. With an expanded range of services, we are confident that we will be able to further streamline and improve the accessibility of digital assets for individuals and businesses, providing smoother experiences within a regulated framework.
[1] StraitsX Payment Services Pte. Ltd., StraitsX SGD Issuance Pte. Ltd., StraitsX USD Issuance Pte. Ltd. and Xfers Pte Ltd are sister companies of Fazz Financial Group, a digital financial services group based in South East Asia.
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SOURCE Xfers Pte. Ltd.
