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.
With an approval rating of just two percent, Peruvian President Dina Boluarte might be the world’s most unpopular leader, according to pollsters. Protests greeted her rise to power 29 months ago, and have marked her entire term — joined by assorted scandals, investigations, controversies and a surge in gang violence. The 63-year-old is the target of a dozen probes, including for her alleged failure to declare gifts of luxury jewels and watches, a scandal inevitably dubbed “Rolexgate.” She is also under the microscope for a two-week undeclared absence for nose surgery — which she insists was medical, not cosmetic — and is
CAUTIOUS RECOVERY: While the manufacturing sector returned to growth amid the US-China trade truce, firms remain wary as uncertainty clouds the outlook, the CIER said The local manufacturing sector returned to expansion last month, as the official purchasing managers’ index (PMI) rose 2.1 points to 51.0, driven by a temporary easing in US-China trade tensions, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The PMI gauges the health of the manufacturing industry, with readings above 50 indicating expansion and those below 50 signaling contraction. “Firms are not as pessimistic as they were in April, but they remain far from optimistic,” CIER president Lien Hsien-ming (連賢明) said at a news conference. The full impact of US tariff decisions is unlikely to become clear until later this month
GROWING CONCERN: Some senior Trump administration officials opposed the UAE expansion over fears that another TSMC project could jeopardize its US investment Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is evaluating building an advanced production facility in the United Arab Emirates (UAE) and has discussed the possibility with officials in US President Donald Trump’s administration, people familiar with the matter said, in a potentially major bet on the Middle East that would only come to fruition with Washington’s approval. The company has had multiple meetings in the past few months with US Special Envoy to the Middle East Steve Witkoff and officials from MGX, an influential investment vehicle overseen by the UAE president’s brother, the people said. The conversations are a continuation of talks that
CHIP DUTIES: TSMC said it voiced its concerns to Washington about tariffs, telling the US commerce department that it wants ‘fair treatment’ to protect its competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reiterated robust business prospects for this year as strong artificial intelligence (AI) chip demand from Nvidia Corp and other customers would absorb the impacts of US tariffs. “The impact of tariffs would be indirect, as the custom tax is the importers’ responsibility, not the exporters,” TSMC chairman and chief executive officer C.C. Wei (魏哲家) said at the chipmaker’s annual shareholders’ meeting in Hsinchu City. TSMC’s business could be affected if people become reluctant to buy electronics due to inflated prices, Wei said. In addition, the chipmaker has voiced its concern to the US Department of Commerce
RSS