PANews reported on November 19 that according to official news, OKX announced the launch of zero-fee SGD deposit and withdrawal functions for Singapore users through PayNow and FAST payment services. The service is supported by DBS Bank (DBS), the largest bank in Southeast Asia by assets.

Previously, OKX Singapore has obtained a major payment institution (MPI) license issued by the Monetary Authority of Singapore (MAS), which allows it to provide digital payment tokens and cross-border remittance services. After the new function is launched, OKX users who have opened accounts in 27 banks and payment institutions in Singapore that support PayNow can use this instant deposit and withdrawal service. In addition, OKX Singapore has also launched the Singpass identity authentication function, which shortens the user account opening time to less than 1 minute, improving efficiency by 90%.