Taipei-headquartered XREX has named a managing director in Singapore as it sets its sights on expanding its platform in the region.
Taipei-headquartered XREX has appointed Christopher Chye as managing director of XREX Singapore and director of product. In this dual role, he will oversee XREX's businesses and operations in Singapore and play an instrumental role in bringing new value propositions to XREX's clients, the startup announced on Tuesday.
Chye joins from Standard Chartered Bank, where he held roles in commercial banking, consumer banking, wealth management and financial crime compliance. He was also a pioneer of Standard Chartered's digital bank venture in Singapore, where he led the bancassurance, rewards and loyalty, and brand and marketing pillars, and was executive director at its regional CEO office. He was previously a management consultant with KPMG.
Growth Plans
In a separate announcement, XREX said it raised $17 million in pre-Series A funding led by CDIB Capital Group. The funds will be used to apply for financial licenses in Singapore, Hong Kong and South Africa, and partner with banks and financial institutions, like payment gateways.
«Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity,» XREX CEO and cofounder Wayne Huang, said in the announcement.
Financial Inclusion
XREX was launched in 2018 to drive financial inclusion in emerging markets by leveraging blockchain technology.
The company uses blockchain technology to solve dollar liquidity shortage issues in emerging markets, and has products like a payment escrow service and crypto-fiat exchange platform.
