OKX, a global crypto exchange and onchain technology company, has on Monday announced it will provide instant, zero-fee SGD deposits and withdrawals to OKX customers in Singapore through PayNow and Fast and Secure Transfers (FAST) payment services.

This is facilitated by DBS, Southeast Asia’s largest bank by assets, OKX said in a statement.

It is noted that DBS is one of 27 banks and major payment institutions in Singapore that is a participant of PayNow, which facilitates instant, 24/7 money transfers through the Fast and Secure Transfers (FAST) service.

OKX SG customers with accounts at any bank that is a participant of PayNow can now deposit SGD to their accounts using this service.

The introduction of streamlined SGD fiat rails is the first of many important platform and product enhancements being developed for customers.

Singpass verification has also been launched to streamline customer onboarding, which can now be completed within one minute.

“As a licensed platform in Singapore, we’re committed to driving responsible innovation while tailoring our product offering based on the feedback and needs of local users,” OKX SG Chief Executive Officer Gracie Lin said.

“Working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets,

“We look forward to introducing more features soon that will enhance the customer experience while delivering on our promise to always build responsibly and sustainably,” she added.

OKX is a technology company aims to organize the world’s blockchains and make them more accessible and useful.

The firm began as a crypto exchange giving millions of people access to trading and over time became among the largest platforms in the world.

In recent years, it has developed one of the most connected onchain wallets used by millions to access decentralized applications (dApps).

Its most well-known products include: The OKX Exchange, OKX Wallet, OKX Marketplace, OKX Explorer, OKX Chain and OS for developers, OKX Ventures and OKX Institutional Services.

In September 2024, OKX SG acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), which allows OKX SG to offer digital payment token and cross-border money transfer services in Singapore.

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