｜This article was originally published on Qorus

XREX is a blockchain-enabled financial institution that provides services to businesses in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide. Wayne Huang, Co-Founder and Group CEO, tells Qorus’ Boris Plantier about the company and its offer.

What led to the creation of XREX?

XREX Group solves financial challenges that businesses face in emerging markets, particularly US dollar liquidity issues that hinder participation in global cross-border trade.

Founded on the ideals of financial inclusion and equal access to the global financial system, XREX Group leverages blockchain technologies such as stablecoins, and bridges traditional financial institutions to provide safe, accessible and trusted financial services for payments, remittances, transactions and asset allocation across their borders.

Could you present XREX’s offer?

With a strong security background and operating under multiple licenses, XREX Group is a financial institution offering four key services: cross-border payments, digital asset wealth management, regtech, and white-labeled and managed Web3 services.

• Cross-border payments:

A solution for safer and faster cross-border payments, XREX’s 數位支票 BitCheck is a digital escrow payment tool that allows merchants and businesses to process payments and deal with one another. As both parties in a BitCheck transaction are verified via a stringent Know-Your-Customer (KYC) process on XREX, they know the legitimacy of their counterparty and can transact with peace of mind.

• Digital asset wealth management:

Leveraging XREX’s compliant and safe platform, individuals and businesses manage and grow their digital asset portfolios with ease of mind. Through our risk mitigation processes in screening crypto wallet addresses, users’ assets are secure and more unlikely to deal with unsafe wallets. Products and tools available on XREX are user-friendly for all levels of traders and investors.

• Regtech:

With a strong culture in compliance and threat identification, XREX focuses on addressing regional and country-specific compliance requirements and threat emergence. XREX provides tailored solutions for law enforcement and compliance professionals to combat the illicit use of cryptocurrencies, keeping the space safe for the masses to enjoy the benefits of blockchain technology.

• White-labeled and managed Web3 services:

Our white-labeled services help businesses succeed when venturing into Web3 services, simply by tapping into our resources for building successful products. From building an exchange to providing tailored blockchain finance services, XREX’s white-label service helps build infrastructures from scratch.

What’s coming next for XREX?

As a responsible and compliant player in the finance and crypto industry, XREX Singapore has acquired the Major Payment Institution (MPI) License from the Monetary Authority of Singapore. Also, XREX Group recently received US$18.75 million strategic investment from Tether, the largest company in blockchain finance by market cap. There are a few key areas the group will be focused on in the next 6 to 12 months.

Firstly, XREX Singapore will launch XREX Pay, a next-generation online bank providing cross-border B2B payments and C2C remittances for corporates and individuals. Users on XREX Pay can seamlessly send one another fiat currencies such as SGD, and USD, as well as stablecoins such as USDT and USDC, via BitCheck. This is all while practically implementing the Financial Action Task Force (FATF) travel rule. This strategic emphasis aligns with XREX’s mission to foster financial inclusion in emerging markets.

Another focus is continuing to build user-friendly regtech solutions, following the rollout of our anti-fraud wallet query tool XRAY in June 2024. XREX will launch the subsequent phases of XRAY, including API and web versions, in the coming months.

Finally, we will be venturing into stablecoin innovation, staying true to our ethos of driving global financial inclusion. XREX will collaborate with Tether and Unitas Foundation to launch XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt), to provide customers with a stable alternative and a hedge against inflation.

About XREX Group

XREX Group is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. We provide services to businesses in or dealing with emerging markets and novice-friendly financial services to individuals worldwide.

Founded in 2018, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.

Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.

XREX Singapore operates under the Major Payments Institution (MPI) license issued by the Monetary Authority of Singapore (MAS). XREX Taiwan completed its Compliance Statements on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) with Taiwan’s Financial Supervisory Commission (FSC) in March 2022 and is a regulated VASP.