OKX Launches Zero-Fee Singapore Dollar Transfers via PayNow, FAST

Cryptocurrency exchange OKX has announced a new feature allowing customers in Singapore to deposit and withdraw Singapore dollars (SGD) with zero fees via PayNow and FAST (Fast and Secure Transfers).

This move, announced in a press release on November 18, is facilitated by DBS, a major Singaporean bank. With this collaboration, OKX aims to provide a seamless and secure payment experience for Singaporean users.

Features of the New Service

• Zero Fees: OKX users in Singapore can now transfer Singapore dollars with no additional charges using PayNow or FAST payment systems.
• Secure Transactions: The integration with DBS ensures secure transfers, making it easier for users to access their digital assets without incurring extra costs.

Gracie Lin, the CEO of OKX Singapore, shared that this collaboration with DBS will provide users with “secure and seamless access to digital assets.” The company also teased that more features will be coming soon, though specific details were not disclosed.

Evy Theunis, DBS’ head of digital assets and institutional banking, commented on the partnership, stating that the collaboration with OKX deepens the bank’s involvement in the crypto space.

This new initiative comes two months after OKX obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing the exchange to provide crypto and cross-border money transfer services within the country.

Background of Gracie Lin

Before joining OKX, Gracie Lin had an extensive career in the financial and technology sectors. She was previously part of Grab, a leading technology company in Singapore, where she led regional strategy and economics. Lin also held positions at MAS and GIC, Singapore’s sovereign wealth fund.

This new service comes as part of OKX’s broader strategy to expand its services in Singapore and other regions, offering a more integrated experience for users who wish to trade and transfer digital assets with ease.