Wirex is working with the Monetary Authority of Singapore to get a payments licence.
Licences are available under the new Payments Services (PS) Act.
It hopes to allow customers to buy, hold, exchange and spend over 150 currencies, both fiat and crypto.
The licence will allow people in Singapore to continue using Wirex’s travel card.
What does this mean?
The MAS introduced the PS Act in January with the hope to provide framework for payment and crypto services in Singapore. Wirex was one of the companies given a temporary exemption to operate until its licence is secured permanently.