Cryptocurrency exchange OKX has appointed Grab executive Gracie Lin as CEO of its Singapore operations.
The company announced the hiring Monday (Sept. 2), while also noting that its Singapore entity had been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore, letting it offer digital payment token and cross-border money transfer services.
As CEO, Lin will oversee OKX Singapore’s strategic initiatives, “including the development of permitted digital payment token products and services designed to meet the needs of Singapore customers,” the company said in a news release.
In addition to her time at Grab — where she led the Regional Strategy & Economics team — Lin also held a variety of positions at MAS and the sovereign wealth fund GIC.
“Singapore is a world-class digital asset hub and an important market for OKX,” Lin said. “I am excited to be part of the team building our presence here. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers, and contributing to the community and ecosystem.”
As noted here earlier this summer, Singapore is a world leader in digital engagement, second only to Brazil on that score according to findings from the PYMNTS Intelligence report “How the World Does Digital.”
“Digital transformation is no longer just a fancy term in Singapore. It’s essential for businesses to stay relevant,” PYMNTS wrote. “Singapore has been actively working on its digital transformation for years, focusing on using digital technologies to improve different industries and make the economy more innovative.”
Singapore’s residents are also fans of cryptocurrency, with a survey earlier this year by Coinbase and Seedly found that more than half of the city-state’s “finance-forward” residents own cryptocurrency.
The survey showed that 57% of those interviewed hold digital assets, with the majority having between $1,000 and $25,000 invested, and 55% saying they had staked cryptocurrency through a centralized exchange.
“The high level of staking activity in Singapore underscores the case for providing consumers with sound, regulated choices while improving consumer protection,” Coinbase said on its blog. “Regulating delegated staking through a centralized service or exchange would further differentiate it from lending products ‘window-dressing’ as staking and allow consumers’ assets to remain protected at all times.”
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