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.
PRICE POINT: While overall demand has lagged expectations, higher-priced iPhone 14 Pro models appear to attract more attention than entry-level versions, sources said Apple Inc is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, people familiar with the matter said. The Cupertino, California-based company has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the company would aim to produce 90 million handsets for the period, about the same level as in the second half
INEXPENSIVE POWER: Group chairman Gautam Adani said 70% of the investment would go into energy transition, with a focus on green hydrogen India’s Adani Group is to invest more than US$100 billion over the next decade, most of it in the energy transition business, chairman Gautam Adani said yesterday, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan. After founding the group in 1988 as a commodities trading business, the 60-year-old has ventured into multiple sectors, mainly in the infrastructure space and in line with the priorities of the government of Indian Prime Minister Narendra Modi. “As a group, we will invest over US$100 billion of capital in the next decade,” Adani, the world’s second-richest person, told the Forbes Global CEO Conference in
Foxconn Technology Group (富士康科技集團) is to invest US$1.75 million in a joint venture with PT Indika Energy Tbk to explore commercial electric vehicle (EV) and electric battery business opportunities in Indonesia, the Taipei-based company said yesterday. With the investment, Foxconn would hold a 40 percent stake in the joint venture, PT Foxconn Indika Motor, while PT Indika would own 60 percent. The collaboration is an extension of a memorandum of understanding signed in January by Indika Energy, Foxconn, Gogoro Inc (睿能創意) and others aiming to build an electric vehicle supply chain in Southeast Asia’s biggest economy. Gogoro, in which Foxconn owns a 0.76
COLD BENDING: Innolux plans to boost contribution from vehicle displays to 50 percent of overall revenue from 12 percent in the second quarter of this year Innolux Corp (群創) is deepening its partnership with the US-based Corning Inc in the production of cockpit displays through a subsidiary, as it pushes ahead with transformation efforts to fuel growth. Singapore-based CarUX Technology Pte Ltd (群豐駿科技), a vehicle display maker fully owned by Innolux, would incorporate Corning’s cold-bending technology into its large curved vehicle displays, Innolux said in a statement yesterday. CarUX and Corning are expanding their collaboration from automotive glass substrates to glass substrate protection solutions, as they seek to build supply chain ecosystems to generate greater industrial synergies, CarUX said in the statement. With Corning’s ColdForm technology, a glass cover