article thumbnail

XREX Singapore Gets MAS Greenlight for Crypto Payments License

Fintech News

XREX Singapore, a blockchain-enabled financial institution specialising in cross-border payments, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). XREX Pay will accommodate transactions in Singapore Dollar (SGD) and U.S.

article thumbnail

Open Payments Coalition Launches Universal Payment ID

PYMNTS

Overall, it is part of an even larger effort to spur the adoption of digital payments across the world and “break down the proprietary silos and standards that exist in payments,” the group said in a press release. We are excited to facilitate borderless, frictionless instant transactions for free for users.”.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why payment transparency is critical to the future of correspondent banking

The Payments Association

Cross-border payments often involve multiple intermediary institutions, each with varying levels of visibility over the originator and beneficiary. In the United States, the Travel Rule under 31 CFR 1010.410(f) requires transmission of originator and beneficiary details for fund transfers of $3,000 or more.

article thumbnail

Here Are All The Licensed Crypto Services Providers in Singapore

Fintech News

Per FATF (Financial Action Task Force) standards, compliance with the Travel Rule mandates DPT services to share client information for transactions, ensuring further safety in digital transfers. Entities providing DPT services before 28 January 2020 are temporarily exempted from licensing under specific conditions.