🌎 OKX Offers Zero-Fee SGD Deposits and Withdrawals

OKX Introduces Fee-Free SGD Deposits and Withdrawals via PayNow and FAST

Cryptocurrency exchange OKX has announced the introduction of zero-fee Singapore dollar (SGD) deposits and withdrawals through PayNow and Fast and Secure Transfers (FAST) payment services.

This new feature is available to customers in Singapore and is facilitated by DBS, a Singaporean multinational banking giant. OKX SG Chief Executive Gracie Lin said that the collaboration with DBS provides customers with “secure and seamless access to digital assets.”

“Working with DBS provides customers with secure and seamless access to digital assets,”

Lin also mentioned that the exchange is working on introducing “more features soon,” although no further details were provided.

DBS’ Involvement in the Crypto Space

Evy Theunis, DBS’ head of digital assets, institutional banking group, commented on the collaboration, stating that it “deepens the bank’s wide-ranging involvement in this space.”

This development comes two months after OKX secured a Major Payment Institution license from the Monetary Authority of Singapore (MAS). The license enables OKX to offer crypto and cross-border money transfer services in Singapore.

At the same time, OKX appointed Gracie Lin as the chief executive of its Singapore branch. Lin brings a wealth of experience to the role, having previously worked at the Monetary Authority of Singapore and the sovereign wealth fund GIC. She also headed the regional strategy & economics team at Grab, a Singaporean multinational technology company.