The license marks a pivotal milestone in XREX’s international expansion strategy as it seeks to serve more clients in North America and around the globe
XREX Inc. announced that it has obtained the Money Services Business (MSB) license from the Financial Transactions and Reports Analysis Centre (FINTRAC) under the Canadian government. The license allows the Taipei-based neo fintech firm to extend its crypto-fiat exchange services, which includes cross-border payments, remittances, global transfers, foreign exchange, and virtual assets dealing to clients.
“Security, transparency, and compliance are the keystones of XREX. As a fully registered MSB under FINTRAC, we are once again demonstrating our industry-leading ability and commitment to creating a secure platform to combat bad actors and protect our users from crypto-related crimes,” said Nick Chang, Head of Compliance at XREX.
As one of the most vibrant financial markets in the world, Canada is the home of millions of immigrants and cross-border entrepreneurs. Many of whom must handle remittances, receivables, and international payouts of various scales on a daily basis. Partnering with a government-approved platform like XREX is crucial to their success as they transact with their counterparts all over the world each day, in particular India, Africa, and other emerging markets. To date, XREX is the only Taiwan-based firm to have been granted the MSB license from FINTRAC.
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“This license not only recognizes XREX’s ability to protect its users, but it also allows Canada-based users to leverage XREX’s time-tested platform to safely facilitate their financial transactions at low costs and in real time,” said Catherine Lee, an advisor from Toronto Global, an investment attraction agency that helps the Governments of Ontario attract promising firms and foreign investment to Canada.
As Canada is one of the global standard bearers in financial regulations and digital assets protections, the acquisition of the MSB status is paramount to XREX’s goal of serving more clients in Asia, Europe, the Middle East, and South America in near future, said Chang.
XREX is in the process of applying to the Monetary Authority of Singapore (MAS) for a Major Payment Institution license, which will allow XREX to conduct money transfers, business payments, money-changing, and digital payment token services. In addition, XREX has completed the filing of its Compliance Statement on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) to Taiwan’s Financial Supervisory Commission (FSC).
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Founded in 2018 and led by internationally-recognized cybersecurity leader Dr. Wayne Huang, XREX comprises a team of experts in compliance, cryptocurrency, blockchain, fintech, and cross-border payments. XREX’s protection and detection mechanisms such as Anti-Money Laundering (AML) and Know Your Customers (KYC), help cross-border merchants and businesses in emerging markets to compete on a clean and even playing field.
XREX recently onboarded a full suite of tools from the world’s top digital intelligence and forensics providers–CipherTrace and TRM Labs, making XREX one of the most tightly secure and trustworthy crypto firms in the world.
XREX is a member of the Travel Rule Information Sharing Alliance (TRISA), a coalition of top crypto companies to combat money laundering, scams, and illicit actors in the global crypto industry. Earlier, Wayne published a CEO letter to announce that XREX is Financial Action Task Force (FATF) Travel Rule compliant.
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