Paxos Secures Full Approval to Offer Digital Payment Token Services from Monetary Authority of Singapore; DBS to be Primary Banking Partner
Paxos to issue a stablecoin that is substantively compliant with MAS’ upcoming stablecoin framework
DBS selected as primary banking partner for cash management and custody of stablecoin reserves
SINGAPORE, July 1, 2024 /PRNewswire/ — Paxos, the leading regulated blockchain & tokenization infrastructure platform, received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd. to offer digital payment token services as a Major Payments Institution. The approval enables Paxos to issue stablecoins in line with MAS’ upcoming stablecoin framework.
With the approval, Singapore becomes the third market, alongside the US and United Arab Emirates, that Paxos and its related entities are authorized to issue stablecoins, showcasing a commitment to expanding access to regulated, secure stablecoins worldwide. This also highlights how stablecoin issuance and operation under prudential regulatory oversight is possible when a company is committed to protecting consumers.
Walter Hessert, Head of Strategy at Paxos, said: “Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.”
One important aspect that provides users confidence in a stablecoin is having a trusted institutional-grade partner. In this regard, Paxos is pleased to announce that it has selected DBS Bank as its primary banking partner for cash management and the custody of stablecoin reserves. DBS is Southeast Asia’s largest bank by assets, named the Safest Bank in Asia for 15 consecutive years by Global Finance, and has been recognized as a leader in banking innovation. DBS is an ideal partner for Paxos as the company builds and launches cutting-edge, secure and regulated financial solutions.
Evy Theunis, Head of Digital Assets, Institutional Banking Group at DBS Bank, said: “We are pleased to support Paxos’ new chapter in Singapore. We firmly believe that trust and security are key to wider stablecoin adoption. Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them. This partnership further expands DBS’ wide-ranging involvement across the digital asset ecosystem, of which we have been a pioneer and innovator for several years now.”
Receiving full approval from MAS reinforces Paxos’s commitment to comply within regulated frameworks as it expands products and services to global markets. This milestone showcases how Paxos is the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in New York, United Arab Emirates and Singapore.
To learn more about Paxos, its regulated infrastructure or its products, visit www.paxos.com.
About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize, custody and trade assets. Its blockchain solutions are used by leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate company Paxos International issues the yield-bearing regulated stablecoin Lift Dollar (USDL). Prudentially regulated by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.
Contact: press@paxos.com
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
SOURCE Paxos
