Crypto exchange OKX has introduced instantaneous, zero-fee deposits and withdrawals in Singapore dollars for its customers in Singapore. According to the official announcement, the platform will provide its customers in Singapore with quick, fee-free SGD deposits and withdrawals using PayNow and Fast and Secure Transfers (FAST) payment services.
The launch comes at a time when Singapore is seeing a rise in crypto adoption, making it evident that OKX is cashing onto the crypto hype in the region.
OKX Partners With DBS For Zero-Fee Singapore Dollar Funds Transfer
OKX has also announced a partnership with DBS, the biggest bank in Southeast Asia in terms of assets, to provide fund transfer services. The partnership will also see PayNow provide support to the platform for the new services.
Customers of OKX SG who have accounts at any bank that participates in PayNow can use this service to deposit SGD into their accounts.
Commenting on the new advancement, OKX SG CEO Gracie Lin said “As a licensed platform in Singapore, we’re committed to driving responsible innovation while tailoring our product offering based on the feedback and needs of local users.”
He adds “Working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets. We look forward to introducing more features soon that will enhance the customer experience while delivering on our promise to always build responsibly and sustainably.”
OKX New Service Comes After Platform Had Obtained MAS License
OKX had previously obtained a MAS license to provide digital payment tokens and cross-border money transfer services in Singapore in September 2024.
OKS New Service Comes On the Back Of Singapore Crypto Growth
The use of digital assets in Singapore has seen a steady rise in the past couple of years. The city-state has established itself as a major player in the crypto world, with a tech-savvy population adorning virtual assets.
Singapore has established itself as the best place in Southeast Asia for Bitcoin businesses and investments because of its friendly regulatory environment and strong blockchain ecosystem.
According to projections and research, Singapore’s cryptocurrency business would generate US$238.5 million by 2024. On an individual level, the cryptocurrency sector will generate an average of $70.5 per user by 2024 end.
Furthermore, the anticipated growth is likely to push Singapore to have 3.41 million users of cryptocurrencies by 2025. Additionally, the user penetration rate will rise from 55.95% in 2024 to 55.97% in 2025.