By integrating with local payment rails, OKX offers bank-grade security, leveraging Singapore's established financial infrastructure.

On November 18, 2024, cryptocurrency exchange OKX announced a groundbreaking initiative allowing zero-fee deposits and withdrawals in Singapore dollars (SGD) for customers using PayNow and FAST.

This initiative is backed by DBS Bank, Southeast Asia's largest bank, which is a key participant in the PayNow network.

The collaboration between OKX and DBS signifies a deeper integration of the exchange with Singapore's traditional financial system, reflecting the country's growing interest in digital currencies.

The primary goal of this initiative is to enhance accessibility to digital assets for users across Singapore.

Gracie Lin, CEO of OKX SG, emphasized that this launch marks the beginning of a commitment to improving trading experiences and flexibility for customers in the region.

To streamline customer onboarding, OKX SG has implemented Singpass verification, allowing the process to be completed in under one minute.

OKX is recognized as a leading crypto exchange, providing a range of digital asset services and products, including the OKX Exchange, Wallet, and Chain.

In September 2024, OKX's Singapore subsidiary received a Major Payment Institution license from the Monetary Authority of Singapore, enabling it to offer comprehensive digital payment and cross-border services.

Evy Theunis, head of digital assets at DBS, noted that this collaboration enhances the bank's involvement in the cryptocurrency sector and supports a responsible digital asset ecosystem.

The number of cryptocurrency users in Singapore is projected to reach over 3.4 million by 2025, indicating a significant rise in interest among the tech-savvy population.

The Cryptocurrency Fear and Greed Index recently peaked at 90, indicating extreme greed in the market, although it slightly decreased to 83 by Monday.