Xfers and StraitsX obtains In-Principle Approval under The Payment Services Act

January 03, 2024 01:00 PM AEDT | By Cision

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Xfers and StraitsX obtains In-Principle Approval under The Payment Services Act — Image source: Kalkine Media

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The In-Principle Approval allows Xfers Pte. Ltd. to offer a wider scope of payment services going forward, and StraitsX Payment Services Pte. Ltd.^{^[1]} to provide digital payment token services.

SINGAPORE, Jan. 3, 2024 /PRNewswire/ -- Xfers Pte. Ltd ('Xfers'), the fiat payment gateway of StraitsX Payment Services Pte. Ltd. ('StraitsX'), has received an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for additional payment services under the Payment Services Act 2019.

In addition, StraitsX has also received an IPA for an Major Payment Institution (MPI) licence to provide digital payment token services, with the intent of being an appointed distributor of XSGD and XUSD.

The use case for Xfers Pte. Ltd.'s expanded MPI licence scope.
Going forward, Xfers will continue to provide fiat payment rails for StraitsX customers to deposit or withdraw fiat currencies during the minting and redemption process on the StraitsX platform. Once the variation of the MPI licence has been granted, the expanded scope of Xfers' MPI licence will offer more streamlined accessibility to digital assets for StraitsX customers with the following services:

Account issuance service
Domestic money transfer service
Cross-border money transfer
Merchant acquisition service
Digital payment token service

The use case for StraitsX Payment Services Pte. Ltd.'s MPI licence for DPT services
The latest nod from the MAS for StraitsX Payment Services Pte. Ltd to provide digital payment token services comes after earlier news of its other affiliate entities, StraitsX SGD Issuance Pte. Ltd., and StraitsX USD Issuance Pte. Ltd. both receiving IPAs to offer digital payment token services, for the issuance of Single-Currency Stablecoins, XSGD and XUSD, from these entities, respectively.

As the appointed distributor of XSGD and XUSD, the IPA for StraitsX to provide digital payment token services will consequently allow StraitsX users to buy, sell, transfer, swap, and store digital payment tokens such as XSGD and XUSD on the StraitsX platform.

Kenny Chan, Head of StraitsX said, "We are thrilled to receive the In-Principle-Approval from MAS for the expansion of our payment services. This approval marks a significant milestone in our commitment to providing comprehensive and secure financial solutions to our customers. With an expanded scope of services, we are confident that we will be able to further streamline and enhance the accessibility of digital assets for individuals and businesses, offering more seamless experiences within a regulated framework."

^{^[1]} StraitsX Payment Services Pte. Ltd., StraitsX SGD Issuance Pte. Ltd., StraitsX USD Issuance Pte. Ltd., and Xfers Pte Ltd are sister companies under the Fazz Financial Group, a digital financial services group based in Southeast Asia.

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