Users of OKX can now deposit and withdraw Singapore dollars without incurring fees through PayNow and Fast and Secure Transfers.
On Monday, November 18, the cryptocurrency exchange OKX announced in a press release that it would offer Singapore dollar deposits and withdrawals with no fees via PayNow and Fast and Secure Transfers.
According to the exchange, customers in Singapore can now access the new function, which is made possible by DBS, a major international bank in Singapore.
Planning with DBS gives clients “secure and seamless access to digital assets,” according to OKX SG CEO Gracie Lin. She also stated that the exchange plans to launch “more features soon” without providing any details.
Evy Theunis, head of DBS’s institutional banking group’s digital assets division, told Reuters that the bank’s cooperation with OKX “deepens the bank’s wide-ranging involvement in this space.”
The new function was added two months after OKX obtained a license from the Monetary Authority of Singapore to operate as a Major Payment Institution, allowing it to provide cross-border money transfer and cryptocurrency services in Singapore.
Lin, a former employee of the Monetary Authority of Singapore, was also named chief executive of the exchange’s Singapore office in the same month.
Before joining OKX, Lin led the regional strategy and economics team at Grab, a multinational technology business based in Singapore. She has previously worked in a variety of capacities at MAS and the sovereign wealth fund GIC.
