Singapore dollar is a zero-fee transfer on OKX, a major digital currency exchange that recently unveiled the plans. As specified in the press release on Monday, 18th, 2024, OKX will enable its Singapore-based users to transact in SGD without any transaction fee, including deposit and withdrawal transactions. OKX will allow its users in Singapore to make SGD transfers, both deposits and withdrawals, without being charged a penny. These payments will be processed using PayNow and FAST platforms offered by OKX.
The exchange also has ties with DBS, a multinational bank in Singapore, for zero-fee payments. As Gracie Lin, the SG CEO at OKX, mentioned, “We are glad to be partnering with DBS to offer payment rail in this region, and our customers will be able to have secure and direct access to digital assets.”Recent Interview with DBS Head of Digital Assets on the Partnership with OKX.
During an interview, DBS’s head of digital assets, Evy Theunis, mentioned the partnership with OKX. In an email to Reuters, Theunis said, “It strengthens the bank’s diversified exposure to this sphere,” about the cooperation with OKX. He further noted that DBS has been able to develop a sound and innovative digital asset system in the country –Singapore.
As the Asian hub for crypto, Singapore continues to have more crypto-based services introduced by the OKX crypto exchange to help improve the customer experience. The new services will align with the promise to ground responsible and sustainable innovations for Singapore users in OKX.
OKX intends to make Singapore its home, aiming to be at the center of Asia’s crypto market.
Singapore has become the leading city for crypto activities and usage all over Asia. It has welcomed some of the biggest crypto events, such as Token2049, which has shifted focus to the new wave of investors in the bull markets. On Monday, 18th, 2024, OKX will allow its users in Singapore to make SGD transfers, both deposits and withdrawals, without being charged a penny. OKX will facilitate these payments through PayNow and FAST.
The exchange has also partnered with DBS, a multinational bank in Singapore, to facilitate the zero-fee payments. According to Gracie Lin, the SG CEO at OKX, “working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets.”
DBS Head of Digital Assets Comments The Partnership with OKX
Evy Theunis, the head of digital assets at DBS, has commented about the partnership with OKX. In an email sent to Reuters, Theunis stated, “Working with OKX deepens the bank’s wide-ranging involvement in this space.” He further said that DBS has been able to set up a responsible and innovative digital asset ecosystem in Singapore.
With Singapore now a center for crypto in Asia, OKX crypto exchange aims to introduce more crypto-related services to enhance customer experiences. The new services will correspond with OKX’s promise to build responsible and sustainable innovations for Singapore users.
OKX Positioning Itself in Singapore, Asia’s Crypto Hub
Singapore has developed to become the central hub for crypto activities and adoption in Asia. The country has hosted some of the most significant crypto events, such as the Token2049, which drew much attention from crypto investors worldwide.
Singapore has a tech-savvy population that is very interested in cryptocurrency, which enables its use. According to a Statista report, the number of cryptocurrency users in Singapore is projected to grow to 3,410,948 in 2025. However, the report also reveals that the number of cryptocurrency users in Singapore is estimated to reach 55,90% in 2025.
Since OKX now owns an MPI license from the Monetary Authority of Singapore, it can offer Singapore citizens digital tokens and international payments. The free-fee service is in perfect synergy with the exchange’s plans to offer its customers tailored, innovative solutions.
