OKX has now made Singapore dollar (SGD) deposits and withdrawals completely free via PayNow and Fast and Secure Transfers (FAST), according to an announcement made on Monday (Nov 18).

This presents a huge opportunity, especially for users in Singapore, as transactions made through these payment methods can be carried out with zero fees, regardless of previous fees and transaction times.

This new feature is powered by DBS, Singapore’s leading multinational banking giant. As a bank that has been operating in Singapore for many years and offers a wide range of financial services, DBS is helping OKX make digital asset access more secure and seamless.

Through its collaboration with DBS, OKX aims to offer a faster and safer experience to its users in Singapore.

OKX Singapore CEO Gracie Lin stated that through this strategic partnership with DBS, customers are able to provide “secure and uninterrupted access” to digital assets.

He also stated that this collaboration will further strengthen OKX’s market in Singapore and said that the exchange plans to “offer more features” in the coming period, but did not share further details on this subject.

Gracie Lin emphasized that with the license obtained from the Monetary Authority of Singapore, OKX consolidates its presence in Singapore and ensures that users receive better service.

Evy Theunis, head of DBS’s digital assets and corporate banking group, evaluated this collaboration with OKX as part of the bank’s broad involvement in the field of digital assets.

Theunis stated that it is a step that reinforces the role of DBS in this field, and expressed that he believes that the cooperation with OKX will create a broader impact in the world of financial technologies and crypto.

OKX’s launch of zero-fee Singapore dollar transactions in Singapore can be considered a major breakthrough for the exchange. This move will help OKX gain a stronger position in the local market.

Especially considering that transaction fees are a frequently discussed issue in cryptocurrency transactions, this step by OKX seems to be met with great interest by users. DBS’s solid support and OKX’s extensive experience in the digital asset market create a strong foundation for this collaboration to be successful.

This new feature follows OKX’s Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This license authorizes OKX to offer cryptocurrency and cross-border money transfer services in Singapore.

This development allows OKX to consolidate its strong presence in the Singapore market, while also supporting the company’s global growth strategies.

OKX also appointed Gracie Lin as the CEO of its Singapore branch. With his experience gained at the Monetary Authority of Singapore and GIC, Lin aims to make a major contribution to OKX’s operations in the region.