In a significant development for cryptocurrency users in Singapore, OKX, a leading global crypto exchange, announced on November 18 the launch of zero-fee Singapore dollar (SGD) deposits and withdrawals. This innovative feature is made possible through integration with PayNow and Fast and Secure Transfers (FAST), two of Singapore’s most popular payment services.
The new feature allows OKX customers in Singapore to deposit and withdraw funds seamlessly without incurring fees, enhancing accessibility to cryptocurrency trading. The initiative is powered by a collaboration with DBS Bank, Singapore’s largest banking institution.
OKX Singapore Chief Executive Gracie Lin highlighted the significance of the partnership, emphasizing that it offers users “secure and seamless access to digital assets.”
Lin also hinted at upcoming features designed to further improve the user experience but did not elaborate on specifics. DBS Bank has been increasingly active in the digital asset space, and this partnership marks another step in its journey.
Speaking to Reuters, Evy Theunis, Head of Digital Assets at DBS’ Institutional Banking Group, described the collaboration as an extension of the bank’s “wide-ranging involvement in this space.”
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By integrating with OKX, DBS aims to offer its customers enhanced convenience while contributing to the development of Singapore’s fintech ecosystem.
This zero-fee initiative comes just two months after OKX secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license permits OKX to provide crypto-related services and cross-border money transfers in Singapore, cementing its position as a key player in the country’s cryptocurrency market.
In the same month, OKX appointed Gracie Lin as the Chief Executive of its Singapore branch. Lin brings a wealth of experience to the role, having previously held senior positions at MAS, Singapore’s central bank and financial regulator, and GIC, the country’s sovereign wealth fund.
Before joining OKX, Lin was part of the management team at Grab, a leading Singapore-based technology company. At Grab, she headed the Regional Strategy and Economics Team, gaining valuable expertise in financial services and technology. Her diverse background underscores OKX’s commitment to strong leadership in navigating the evolving crypto landscape in Singapore.
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The introduction of zero-fee deposits and withdrawals aligns with Singapore’s vision of becoming a global crypto and blockchain hub. By partnering with DBS and leveraging its payment infrastructure, OKX offers a more streamlined and user-friendly experience, which could encourage broader adoption of digital assets in the region.
The availability of fee-free transactions via trusted local payment networks like PayNow and FAST also eliminates a common barrier for new users—transaction costs. This move is likely to attract both seasoned traders and newcomers to the platform, further strengthening OKX’s foothold in Singapore.
While OKX has not revealed the details of its upcoming features, the exchange’s proactive approach signals more innovations on the horizon. As competition intensifies in Singapore’s crypto market, OKX’s ability to combine regulatory compliance with user-centric services positions it as a formidable player in the region.
OKX’s zero-fee SGD deposit and withdrawal feature is a game-changer for crypto users in Singapore. By partnering with DBS and leveraging the convenience of PayNow and FAST, the exchange has set a new benchmark for accessibility and efficiency in the industry.
As Singapore continues to solidify its reputation as a global fintech hub, initiatives like these demonstrate how collaboration between traditional financial institutions and crypto exchanges can foster innovation and growth in the digital economy. With more features promised, OKX’s journey in Singapore is one to watch.