OKX Singapore gets payment nod from MAS, taps ex-Grab exec as CEO

Photo credit: OKX

The Singapore branch of crypto exchange OKX has received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).

The local entity received in-principle approval for an MPI license from MAS in February, the company said.

The license allows OKX Singapore to offer digital payment token services and cross-border money transfers, including spot trading of cryptocurrencies for customers in Singapore.

Gracie Lin, former managing director of Grab’s regional strategy and economics team, has been appointed as the chief executive of OKX Singapore.

In her new role, Lin will oversee the company’s strategic initiatives, including developing digital payment token products and services that meet the needs of local customers.

Singapore is a world-class digital asset hub and an important market for OKX, said Lin.

“The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers and contributing to the community and ecosystem,” she added.

Lin has nearly two decades of experience in the financial, public, and technology sectors.

Before joining Grab, she was the vice president of business management at sovereign wealth fund GIC and deputy director of MAS’ money markets department.

With the license, OKX joins the ranks of the few licensed crypto exchanges in Singapore, which include Independent Reserve and Coinhako.

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