XREX Inc (鏈科), which provides blockchain cross-border payment solutions, yesterday said that it is applying for registration in Canada and a license in Singapore to expand its global presence.
The Taipei-based company currently provides payment solutions for companies that do business with India or people who need to remit money to India.
Its service helps customers exchange Indian rupees to digital cryptocurrencies or stable coins such as USDT, at a rate of 1:1 to the US dollar
Photo courtesy of CDIB Capital Innovation Accelerator Fund
XREX has submitted its application for a money service business registration in Canada and for a license to offer cryptoservices in Singapore, and is waiting to have interviews with the regulators, CEO Wayne Huang (黃耀文) told a media briefing in Taipei.
The company applied to offer services such as cross-border payment services, currency swaps and custody, Huang said.
XREX expects its registration application in Canada to be approved in the first quarter of next year and to receive a license in Singapore in the second quarter at the earliest, he said.
Although some companies or cryptotrading platforms have failed to obtain a license or registration in the two markets, XREX is optimistic about its application given its solid practices in information security and anti-money laundering (AML), two issues that concern regulators the most, it said.
The company has implemented know-your customer from the start of its operations and meets the AML rules set by the Financial Action Task Force, chief revenue officer Winston Hsiao (蕭匯宗) said.
XREX is expanding to the two markets as many of its corporate clients have set up branches in Singapore and many of its retail clients are Indians working in Canada.
The company also expects to seek more partners in new markets, Huang said.
“It is our goal to gain all kinds of regulatory permissions in 2022. It is good to see regulators pay attention and implement more regulatory schemes for the crypto industry to make it more solid,” Huang said.
For the local market, XREX is considering including the New Taiwan dollar in its operations next year to serve Taiwanese traders operating in India who have found it difficult to exchange rupees into foreign currencies in the South Asian nation due to highly volatile exchange rates and the high threshold set for foreign-exchange transactions, it said.
XREX is in talks with the Taiwan External Trade Development Council (外貿協會), which has shown an interest in XREX’s solution, it said.
It plans to launch a digital asset program next year called “staking,” a way for cryptocurrency owners to earn rewards by providing their digital assets for use by the platform, or for those who have lots of digital assets, but do not want to cash out yet, he said.
XREX, with paid-in capital of US$24.3 million, expects revenue to continue rising next year due to strong demand.
It in August closed a US$17 million Pre-A round financing, with investors including SBI Investment Co and the National Development Fund (國發基金), it said.
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