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XREX Singapore, a blockchain-enabled financial institution specialising in cross-border payments, has been granted a Major PaymentInstitution (MPI) license by the Monetary Authority of Singapore (MAS). XREX Pay will accommodate transactions in Singapore Dollar (SGD) and U.S.
As Sumsub gears up for its participation in Seamless Asia, this partnership serves as a beacon for businesses seeking to navigate the complexities of digital payments verification. This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travelrule.
Each license allows the holder to conduct multiple specific payment services. Data from MAS’ Financial Institutions Directory show that as of August 01, 2022, 231 Money-Changing, 13 Standard PaymentInstitutions, and 175 Major PaymentInstitution licenses had been issued.
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