SINGAPORE (Reuters) -Cryptocurrency exchange OKX said on Monday it would offer instant Singapore dollar-denominated deposits and withdrawals to customers in the city-state, taking a step toward deeper integration with Singapore’s traditional financial system as trading and interest in cryptocurrencies surge.
The funds transfer service will be facilitated by Singapore’s biggest bank DBS Group and done via the country’s PayNow and Fast and Secure Transfers (FAST) payment services, OKX said in a statement.
In an emailed comment to Reuters, Evy Theunis, head of digital assets, institutional banking group at DBS said: “DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank’s wide-ranging involvement in this space.”
Interest in cryptocurrencies has surged following Donald Trump’s U.S. presidential election victory, on the view that friendlier regulation under his administration could usher in a new boom for all corners of the asset class.
That has sent bitcoin on a tear, with the world’s largest cryptocurrency surging above $90,000 for the first time on record and gaining some 30% for the month thus far.
OKX’s Singapore subsidiary had in September received a payments licence from the Monetary Authority of Singapore, allowing it to provide digital payment token and cross-border money transfer services in Singapore, which has emerged as a centre for crypto in Asia in recent years.
(Reporting by Rae Wee; Editing by Kim Coghill and Himani Sarkar)
