XREX Joins VerifyVASP Alliance

We are delighted to welcome XREX, a blockchain-enabled financial institution specializing in cross-border payments in emerging markets, our newest member to join the VerifyVASP Alliance.

XREX Singapore was recently granted in-principle approval by the Monetary Authority of Singapore (MAS) for a Major Payments Institution (MPI) License. The MAS has established a stringent licensing process for MPIs to ensure that only financially sound and well-managed companies are granted licences to operate in Singapore.

Travel Rule compliance is a critical AML/CFT component of the Singapore MPI licensing regime and joining VerifyVASP will help XREX demonstrate that it can efficiently meet its Travel Rule requirements, fostering transparency and safeguarding the security of its operations while connecting them to major VASPs already within the VerifyVASP alliance.

About XREX

XREX is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. We provide enterprise-grade banking services to small to medium-sized businesses (SMBs) in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.

Founded in 2018 and operating globally under multiple licenses, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.

Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.