OKX, a global crypto exchange and Web3 technology company, announced that its local entity, OKX SG Pte. Ltd., received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), and appointed Gracie Lin as CEO of OKX SG.
The license granted under the Payment Services Act 2019 (PS Act) allows OKX SG “to offer digital payment token and cross-border money transfer services, including spot (buy and sell) trading of cryptocurrencies for customers in Singapore.”
In her role as CEO, Lin will oversee “the company’s strategic initiatives, including the development of permitted digital payment token products and services designed to meet the needs of Singapore customers.”
Lin brings nearly two decades of experience “across the financial, public and technology sectors to OKX SG. Prior to joining OKX, she was part of the management team at Grab, heading the Regional Strategy & Economics team.”
Before that, she held various positions “at MAS and the sovereign wealth fund GIC, giving her extensive experience in management, operations, business strategy, and financial regulation.”
She graduated from the University of Chicago with “a Bachelor’s degree in Economics and Yale University with a Master’s degree in International & Development Economics.”
The MPI license approval and the appointment of Lin “mark significant milestones for OKX in Singapore, which is a core market for OKX’s global development strategy.”
“Singapore is a world-class digital asset hub and an important market for OKX. I am excited to be part of the team building our presence here. 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. I look forward to continuing my engagement with our partners, customers and the wider community here to see how we can best serve them.”
OKX SG received its in-principle approval for “an MPI License from the MAS in February 2024, and is building a world-class team of subject-matter experts to support the company’s plans to serve local customers in Singapore.”
As noted in the update, OKX is a technology company “with a mission to organize the world’s blockchains and make them more accessible and useful.”
They want to create a future that makes our world more efficient, transparent and connected.
OKX began as a crypto exchange “giving millions of people access to trading and over time became among the largest platforms in the world.”
In recent years, they have developed one of “the most connected onchain wallets used by millions to access decentralized applications (dApps).”
OKX is a brand trusted by institutions seeking “access to crypto markets on a reliable platform that seamlessly connects with global banking and payments.”
