
Singapore Tokenize Xchange urges users to withdraw or transfer assets by Sep 30 after failing to secure MPI licence
SINGAPORE: Tokenize Xchange, a Singapore-based digital exchange platform, has told its users to complete the cash withdrawals or crypto transfers of their assets by Sep 30, after the platform failed to secure a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS), The Edge Singapore reported.
The exchange had been operating under an exemption, but will no longer be available to Singapore users. This means they can no longer buy or sell cryptocurrencies on the platform. Withdrawal schedule based on portfolio size
Tokenize has rolled out a phased withdrawal schedule based on portfolio value, as determined at 12 a.m. on Jul 18, using a portfolio snapshot viewable in users' wallets. Users with assets under S$10,000 (crypto and fiat combined) must withdraw by Jul 31.
Users with assets between S$10,000 and S$99,999 can withdraw from Aug 1 to 31.
Users with assets of S$100,000 and above can withdraw from Sep 1 to 30.
If users under the first two tiers miss their respective schedules, they may still complete withdrawals by Sep 30.
The company said it is in the process of acquiring a digital financial services (DFS) licence from the Labuan Financial Services Authority (LFSA). The deal is expected to conclude soon, it stated in its statement on Sunday (Jul 20).
Operating in Labuan will allow the company to tap into a recognised regulatory framework for cross-border digital asset services. According to the company, it also offers tax efficiency and access to international markets.
The company added that it also plans to secure a licence from the Abu Dhabi Global Market (ADGM) to enhance the company's global footprint.
Tokenize Xchange CEO and founder Hong Qi Yu said they 'regret' the outcome in Singapore but view it as an opportunity to fortify their international operations.
Tokenize was founded in 2017 and supports over 80 digital assets, including Bitcoin and Ethereum. The company, which has between 201 and 500 employees according to its LinkedIn page, said it will support its Singapore staff in pursuing new career opportunities until Sep 30. /TISG
Read also: Nvidia CEO to sell more advanced chips to China after H20 ban, warns of 'tremendous loss' for firms in potential US$50B AI market document.addEventListener("DOMContentLoaded", () => { const trigger = document.getElementById("ads-trigger"); if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { entries.forEach(entry => { if (entry.isIntersecting) { lazyLoader(); // You should define lazyLoader() elsewhere or inline here observer.unobserve(entry.target); // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); observer.observe(trigger); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
an hour ago
- Straits Times
Airwallex launches investment product to help businesses grow idle cash
Find out what's new on ST website and app. The new Airwallex Yield product is aimed at small business customers or customers on Airwallex. SINGAPORE - Fintech firm Airwallex has unveiled a new investment product aimed at helping businesses earn returns on unused funds, entering a competitive market where rivals also court companies seeking better yields on spare cash. Rolled out on July 28, the product invests in money market funds (MMFs) and offers returns of up to 1.29 per cent per annum for Singapore-dollar funds and up to 3.84 per cent for US-dollar funds. The new Airwallex Yield product is aimed at small business customers or customers on Airwallex, said Mr Arnold Chan, Airwallex's general manager for Asia-Pacific excluding China. 'Airwallex Yield will allow businesses to earn returns on their surplus Singapore-dollar and US-dollar funds by investing through investment-grade money market funds, while maintaining access to both liquidity and control over their cash,' he told The Straits Times. A MMF invests in a range of liquid, low-risk assets, which typically include cash and short-term instruments such as treasury bills, commercial paper, and certificates of deposit. Airwallex's yield product invests in several Goldman Sachs and Fullerton funds. The Singapore launch follows earlier rollouts in Australia and Hong Kong. Since its November 2023 debut in Australia, the product has attracted about US$200 million (S$256 million) in funds. Airwallex offers a suite of financial products for businesses, including global business accounts, cross-border payments and expense management tools. The firm said it is seeing a huge demand from customers in Singapore who want to earn returns while maintaining flexibility to move funds quickly. Over 80 per cent of its annual revenue comes from customers who use more than one Airwallex service and the firm expects to cross-sell the new product to its existing customers. The firm also plans to target technology companies, especially those backed by venture capital and holding substantial idle cash reserves, as well as e-commerce players and retailers that receive customer payments upfront but pay suppliers later. By investing these interim funds, they can generate additional returns. Trading businesses involved in importing and exporting can also benefit by putting their idle cash or working capital to work, said Mr Chan. He added that withdrawals are flexible and settlement is typically completed within one business day, provided that cut-off times were met. Airwallex joins a competitive field in Singapore, where firms like StashAway and Syfe already offer MMF products to businesses seeking returns on idle cash with flexible access. Most MMFs in Singapore invest in fixed deposits, government securities and commercial papers. Airwallex customer GlobalTix, a ticketing software and distribution platform for the tourism sector, said that it considers flexibility, liquidity, tenure and yield as key factors when deciding how to deploy idle cash. GlobalTix's co-founder and chief operating officer Chan Chee Kong said fixed deposits are less suitable for the company because they tie up funds for a set period – limiting access when quick payments to suppliers or vendors are needed. 'I need to have that flexibility around moving my funds in and out,' he said. Another key consideration is managing different currencies given the global nature of the firm's business, he added. He noted that Airwallex is not the first to offer the solution, adding that GlobalTix currently uses a similar offering from a competitor. However, if GlobalTix were to use Airwallex's new offering, it would benefit from having all its financial tools on a single platform – making it easier to monitor and manage its cash flow, he said. Lovet, a homegrown fashion brand and Airwallex customer, is considering the new yield product, its director Lee Wei Leong said. With interest rates declining, he said the company is exploring options. 'If we leave our money in a normal savings account, the value of the money is going to be eroded by inflation.' As an SME without venture capital backing, liquidity is key. If Lovet were to open a new outlet, it will need to be able to cash out quickly to fund the expansion, he added.


CNA
an hour ago
- CNA
CNA938 Rewind - Stock take today: EU-US preliminary deal, US week ahead
On the daily markets analysis on Open For Business, Andrea Heng and Susan Ng speak with Heng Koon How, Head of Markets Strategy, Global Economics and Markets Research, UOB.


CNA
an hour ago
- CNA
CNA938 Rewind - Eat, Drink, Singapore - The newest Laksa Barramundi and Mexican Street Corn on GYG's menu
Guzman y Gomez has added two new dishes to the menu: Laksa Barramundi and Mexican street corn. Justine Moss chats with Adora Chou, Director of Marketing at Guzman y Gomez, to find out why they chose these flavours, how they put the dishes together, and what's coming up next.