OKX partners with DBS to offer zero-fee, instant SGD deposits and withdrawals via PayNow, enhancing digital asset access in Singapore.
OKX, a leading crypto exchange and on-chain technology firm, partnered with DBS, Southeast Asia’s largest bank, to offer customers in Singapore a new payment service. Users can make instant, zero-fee SGD deposits, and withdrawals through this collaboration. The service is based on PayNow and the country’s Fast and Secure Transfers (FAST) system.
PayNow is a service through which money can be transferred in real-time, and DBS is among the 27 financial institutions in Singapore that are affiliated with PayNow. Therefore, the customers of OKX can directly transfer SGD from participating banks into their OKX accounts without any hassle. This is one of the strategies OKX has been implementing to add more features on its platform to increase users’ convenience.
In addition to the payment service, the company has also implemented the Singpass identification process for quick registration of customers. This feature lets new users register with the site in only one minute. These updates are meant to facilitate a simplified user experience while offering better services to Singaporean customers.
OKX SG Eyes Web3 Future with DBS Partnership and MAS License
Gracie Lin, the CEO of OKX SG, also highlighted the two key aspects of their strategy, one of which is innovation and the other is localization. She mentioned that the integration with DBS will help users in Singapore to have safe and fast access to digital assets. It is a part of OKX’s global expansion plan for the region while ensuring it is doing so sustainably.
In the first half of 2024, OKX SG obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license lets OKX provide both digital payment token services and cross-border money transfer solutions in Singapore. This step will strengthen the company’s position in the Singapore digital finance market.
In the future, the OKX will continue to develop more improvements aimed at serving the Web3 and digital asset markets more effectively. DBS is a significant partner for the company to realize its vision to deliver convenient, advanced, and secure services in Singapore.
