Dear Pundians,

As many of you know, Pundi X Labs. Pte. Ltd (UEN: 201731271H) is in the process of applying for a license as a Standard Payment Institution service provider under Singapore’s Payment Services Act (2019).

As a regulated service provider, we are required to comply with the guidelines as set out by the Monetary Authority of Singapore (MAS). To support and comply with AML/CFT standards (Anti-Money Laundering and Combating the Financing of Terrorism), XWallet users must open or maintain a verified account. This now requires us to institute mandatory Know Your Customer (“KYC”) procedures for all our customers.

For more details, you can refer to the MAS website:—specified-payment-services.

Allow us to know you better, to serve you better.

In the coming weeks, XWallet users will receive in-app notification and will be directed to our KYC platform, where you will be asked to verify your personal details before you’re able to continue using XWallet services.

In the event you choose not to continue using XWallet services because of our revised policy, we certainly respect your decision. As for the digital assets in your XWallet, if you do not go through the KYC process, you can still withdraw those assets from your XWallet before 21st July 2020.

Please note that if you do not go through the mandatory KYC procedure before 21st July 2020, you will not be able to access your XWallet after that date. We seek your understanding in this matter.

If you have any questions, or if you have forgotten your password to login to your XWallet account, please submit a request at

We look forward to better serving you in a new regulated crypto space. In the meantime, stay SAFE.

In Pundi X we trust,

David Ben Kay
Chief Legal Officer
Pundi X Labs