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

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

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

The new feature, available for customers in Singapore, is facilitated by DBS, a Singaporean multinational banking giant, the exchange said.

OKX SG chief executive Gracie Lin says working with DBS provides customers with “secure and seamless access to digital assets,” adding that the exchange is working on introducing “more features soon” without elaboration on the matter. In a commentary to Reuters, DBS’ head of digital assets, institutional banking group Evy Theunis said collaboration with OKX “deepens the bank’s wide-ranging involvement in this space.”

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

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