OKX Launches Singapore Dollar Funds Transfer Service Amid Crypto Boom

Cryptocurrency exchange OKX has introduced instant Singapore dollar deposits and withdrawals for its local customers, marking a move toward closer integration with Singapore’s traditional financial system. The service will leverage the country's PayNow and FAST payment systems and is facilitated by DBS Group, Singapore’s largest bank.

Evy Theunis, head of digital assets at DBS, highlighted the bank’s ongoing commitment to fostering a responsible and innovative digital asset ecosystem, emphasizing the significance of its collaboration with OKX. Bitcoin recently reached an all-time high of over $90,000, gaining 30% this month alone.

OKX’s Singapore expansion follows its receipt of a payments license from the Monetary Authority of Singapore in September, enabling it to offer digital payment token and cross-border money transfer services. Singapore continues to establish itself as a leading hub for cryptocurrency activity in Asia.