Leading payments platform, Wirex, is working closely with the Monetary Authority of Singapore (MAS) in order to acquire a licence under the new Payments Services (PS) Act.
The licence will allow Wirex to continue to provide pioneering services in Singapore, including giving customers the opportunity to seamlessly buy, hold, exchange and spend over 150 traditional and cryptocurrencies using one easy-to-use app and travelcard.
The news follows the recent announcement that a carefully-selected number of cryptocurrency businesses operating in Singapore, including Wirex, have been given a temporary exemption from holding a PS Act licence. It means that Wirex can continue to operate on behalf of its substantial existing registered customer-base in Singapore until the appropriate new licence is secured.
MAS introduced the PS Act in January 2020 in order to provide a progressive framework that would regulate payment systems and cryptocurrency services in Singapore. Wirex is already UK FCA-regulated, and prioritises regulatory compliance in every territory in which it operates.
Dominique Simon, General Counsel at Wirex, said that “Wirex looks forward to being able to apply the same industry-leading standards in Singapore. The PS Act is an innovative, forward-thinking regulation that captures the expansive and evolving scope of payment services.”
Simon believes that MAS’ regulations are essential in protecting both the consumer and operator, and reassuring Wirex customers that their funds are safely guarded.
It is hoped that Singapore’s regulatory acceptance will encourage further growth of the digital economy in the region. Simon also commented that “the creation of the act is a step in the right direction for the development of blockchain technology. It’s great that institutional bodies are recognising the benefits of cryptocurrency; our reliance on cashless payments in these unprecedented times have only further highlighted the need for the mass adoption of the digital economy and the demand for user-friendly platforms like Wirex to facilitate this.”
Wirex recently announced that it has achieved 3 million registered users on its platform, and has witnessed more than 200% growth in their exchange volume in APAC over the past month. Developments in Singapore place Wirex well for expansion into the wider APAC region, and they continue to have ambitious plans to grow globally, with a USA launch imminent.