OKX launches zero-fee Singapore dollar transfers via PayNow, FAST

Cryptocurrency exchange OKX now allows customers to deposit and withdraw Singapore dollars without paying any fees via PayNow and Fast and Secure Transfers.

Crypto exchange OKX said in a press release on Monday, Nov. 18, that it will provide zero-fee deposits and withdrawals in Singapore dollars through its PayNow and Fast and Secure Transfer payment services.

The new feature, available to customers in Singapore, was facilitated by Singaporean multinational banking giant DBS, the exchange said.

OKX SG CEO Gracie Lin said working with DBS provides customers with “secure and seamless access to digital assets,” adding that the exchange is working to offer “more features soon,” without going into detail on the matter. Corporate banking group Evy Theunis, DBS’s head of digital assets, told Reuters that the collaboration with OKX “deepens the bank’s broad involvement in this area”.

The new feature comes two months after OKX received a Major Payments Authority license from the Monetary Authority of Singapore, which enables it to offer crypto and cross-border money transfer services in Singapore. The same month, the exchange also appointed Lin, a former official of the Monetary Authority of Singapore, as chief executive of its Singapore branch.

Before OKX, Lin was part of the management team at Grab, a Singaporean multinational technology company, and headed the regional strategy and economics team. Before that, he held various positions at MAS and the sovereign wealth fund GIC.