Catenaa, Wednesday, November 20, 2024 – Crypto exchange OKX has introduced instant deposits and withdrawals for Singapore dollar (SGD) transactions, integrating local payment systems PayNow and FAST to facilitate smoother financial interactions.
Partnering with DBS Bank, OKX now allows direct SGD transfers for customers with accounts linked to PayNow’s network.
The move enhances Singaporeans’ access to crypto trading, backed by OKX SG’s swift onboarding through Singpass verification, which ensures user authentication within a minute.
In September, OKX Singapore secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointed former MAS official Gracie Lin as its local CEO. The license permits OKX to operate digital payment token services and handle cross-border transactions.
This development comes amidst a crypto market resurgence. Bitcoin surged past $93,000 last week, pushing the global crypto market capitalization to $3.09 trillion. The Cryptocurrency Fear and Greed Index reached 90 over the weekend, reflecting peak market enthusiasm.
