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SINGAPORE (Reuters) – On November 18, 2024, cryptocurrency exchange OKX announced the launch of a new service that allows customers in Singapore to make instant deposits and withdrawals in Singapore dollars (SGD). This move marks a significant step toward deeper integration with the traditional financial system in Singapore as interest and trading in cryptocurrencies continue to rise.

The service will be facilitated by DBS Group, Singapore’s largest bank, leveraging the country’s PayNow and Fast and Secure Transfers (FAST) payment systems to process the transactions. This development comes after OKX’s Singapore subsidiary secured a payments license from the Monetary Authority of Singapore (MAS) in September, enabling it to offer digital payment token and cross-border money transfer services.

A Step Toward Greater Integration

Evy Theunis, Head of Digital Assets at DBS’s Institutional Banking Group, emphasized that DBS has been actively promoting a responsible and innovative digital asset ecosystem in Singapore. Partnering with OKX to offer this new service strengthens the bank’s involvement in the burgeoning digital asset space.

The initiative is expected to provide a more seamless experience for Singaporean cryptocurrency traders, aligning with the nation’s growing status as a key hub for cryptocurrency and blockchain activities in Asia.

Rising Crypto Interest and the ‘Trump Bump’

The move comes amid a broader surge in interest in cryptocurrencies, fueled by expectations that a pro-crypto regulatory environment under US President-elect Donald Trump could spark a new boom across the sector. Bitcoin, the world’s largest cryptocurrency, recently surpassed the $90,000 mark for the first time, reflecting a surge of nearly 30% in value so far in November 2024. This optimism is spreading beyond the United States, as seen in the increased interest in digital assets in Singapore.

Leo Frost

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