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OKX President Hong: Singapore trip and future development

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OKX announced that it has obtained a payment institution license in Singapore and appointed Gracie Lin as CEO of Singapore to further promote localization and responsible construction in Singapore.

Original source: OKX

On September 2, OKX President Hong published the latest blog "The Journey to Singapore and Our Future", the specific translation is as follows:

Today, we announced two major developments in Singapore. Both developments demonstrate our long-term commitment to building responsibly in the Lion City.

Firstly, following Okx-in-principle-approval-mas-singapore" target="">February, we are "delighted to have now received MAS approval for the MPI license and are honoured to have the opportunity to continue contributing to the local community in a secure, transparent and thoughtful manner. Singapore is a key market in our global strategy and obtaining the MPI license is another milestone in our long-term commitment to Singapore.

Secondly, we are very pleased to appoint Gracie Lin as our CEO for Singapore. Our belief and approach is to hire the best local leaders and empower them to help us better serve our local customers. Gracie is an extraordinary leader with extensive relevant experience in public policy, investment management, capital markets and early-stage tech businesses. We are fortunate to have her at the helm to drive market growth and investment.

We are working hard to optimize our product suite for Singaporean clients in line with local regulations. Buy/sell/convert transactions are now live, and the first product upgrade after obtaining the MPI license is seamless connection with local bank accounts, allowing Singaporean clients to deposit and withdraw funds easily. Stay tuned for further updates - the team is working hard.

Our long-term vision in Singapore is not only reflected at the product level, but also to drive responsible innovation by working closely with regulators, partners, the wider community and customers, and to become a key contributor to the development of the local digital asset industry. We will adapt our products to meet the needs of local customers, while actively developing infrastructure, talent and education to contribute to the growth of the industry.

Long-term Vision

Our mission is to innovate responsibly for our customers. We achieve this globally through two parts:

Building Locally

Our focus over the past few years has been to build locally in countries with great potential for sustainable growth.

This includes hiring and empowering the best local leaders. Deepening our connections with our customers, understanding and prioritizing local needs. We deliver product innovation locally and strive to be constructive contributors to local communities.

We have long believed that the power of Crypto has always been - and always will be - coming from grassroots communities. If we are not close to real crypto users, we will lose focus and relevance. For this reason, we have invested heavily in building strong local teams in key regions such as Europe, the Middle East, the Americas and Asia. We are proud of the quality of local leadership over the past few years.

Gracie's appointment as CEO of Singapore is part of our commitment to deepening our global leadership in key markets and she will join Europe, Australia, UAE, Bahamas, Turkiye, Brazil, and Argentina. I feel very fortunate to be working with such a strong and diverse team of leaders.

Build Responsibly

Another important part of our strategy is building responsibly, a principle that guides our work. The reason is that we need to build trust with the public and provide our clients with a seamless transition between crypto and TradFi.

We are committed to investing the resources needed to innovate for the long-term benefit of our clients. As such, our global local leadership has been working together over the past few years to identify business opportunities around the world in the increasingly regulated crypto environment.

Recently, another important milestone was the establishment of our MiCA (Markets for Crypto Assets) hub in Malta, which will allow us to offer crypto assets to hundreds of millions of EU clients.

Looking Ahead

We have been in the crypto space for a decade and are proud of where we have come so far, but we will continue to move forward. In the long term, implementing a localized and responsibly built strategy is key to driving responsible innovation for our clients.

We have taken an important step by strengthening our presence in Singapore, and we look forward to Singapore continuing to be a key location to work closely with our clients and partners, while driving responsible innovation and giving back to the community.

Looking ahead, we will continue to share more progress in Singapore and beyond in 2024.