- OKX customers can now easily deposit SGD via PayNow and withdraw SGD via FAST
- OKX has also launched Singpass verification, reducing customer onboarding time by up to 90%
SINGAPORE, Nov. 18, 2024 (GLOBE NEWSWIRE) -- OKX, a leading crypto exchange and onchain technology company, today announced it will provide instant, zero-fee SGD deposits and withdrawals to OKX customers in Singapore through PayNow and Fast and Secure Transfers (FAST) payment services. This is facilitated by DBS, Southeast Asia’s largest bank by assets.
DBS is one of 27 banks and major payment institutions in Singapore that is a participant of PayNow, which facilitates instant, 24/7 money transfers through the Fast and Secure Transfers (FAST) service. OKX SG customers with accounts at any bank that is a participant of PayNow can now deposit SGD to their accounts using this service.
The introduction of streamlined SGD fiat rails is the first of many important platform and product enhancements being developed for customers. Singpass verification has also been launched to streamline customer onboarding, which can now be completed within one minute.
OKX SG CEO Gracie Lin said: "As a licensed platform in Singapore, we're committed to driving responsible innovation while tailoring our product offering based on the feedback and needs of local users. Working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets. We look forward to introducing more features soon that will enhance the customer experience while delivering on our promise to always build responsibly and sustainably."
In September 2024, OKX SG acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), which allows OKX SG to offer digital payment token and cross-border money transfer services in Singapore.
For more information on cash deposits and withdrawals for OKX SG customers, please click here.
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About OKX
OKX is a technology company with a mission to organize the world's blockchains and make them more accessible and useful.
We 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, we have developed one of the most connected onchain wallets used by millions to access decentralized applications (dApps).
OKX is a brand trusted by hundreds of large institutions seeking access to crypto markets on a reliable platform that seamlessly connects with global banking and payments.
Our most well-known products include: The OKX Exchange, OKX Wallet, OKX Marketplace, OKX Explorer, OKX Chain and OS for developers, OKX Ventures and OKX Institutional Services. To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
