Crypto exchange OKX launches instant SGD deposits

Cryptocurrency exchange OKX announced on Monday that it will offer instant Singapore dollar (SGD) deposits and withdrawals through Singapore’s PayNow and FAST payment services.

Partnering with DBS Group, the country’s largest bank, the move aims to integrate deeper with Singapore’s financial system amid a surge in cryptocurrency trading.

Evy Theunis, head of digital assets at DBS, noted that the collaboration underscores the bank’s commitment to fostering an innovative digital asset ecosystem in Singapore.

The announcement follows OKX’s September acquisition of a payments licence from the Monetary Authority of Singapore, allowing it to offer digital payment token services.

Interest in cryptocurrencies has soared recently, with bitcoin surpassing $90,000 for the first time, gaining 30 per cent in November alone, buoyed by hopes of favourable US regulation under President Donald Trump.

Singapore has positioned itself as a hub for cryptocurrency in Asia, bolstered by robust financial infrastructure and regulatory clarity.

Attribution: Reuters

Subediting: M. S. Salama