The new head will oversee the company’s strategic initiatives, including developing permitted digital payment token products and services
THE Singapore branch of crypto exchange OKX has received a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
The local entity had received an in-principle approval for an MPI licence from the MAS in February, said the company on Monday (Sep 2).
The licence will allow OKX Singapore to offer digital payment token and cross-border money transfer services, 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 the chief executive of OKX Singapore.
In her new role, Lin will oversee the company’s strategic initiatives, including developing permitted 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.
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“The MPI licence 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 across the financial, public and technology sectors.
Prior to joining Grab, she was the vice-president of business management at sovereign wealth fund GIC, and deputy director of MAS’ money markets department.
OKX now joins the ranks of the few licensed crypto exchanges here, which include Independent Reserve and Coinhako.
