CoinDesk reports:
Paxos Trust, a stablecoin issuer headquartered in New York, has appointed Jeannie Lim as the Executive Director of Paxos Singapore. Bloomberg reported on Tuesday that Lim previously served as Head of Messaging Payments at Meta Platforms Ltd in Singapore, where she led strategic initiatives across the Asia-Pacific region.
According to a Paxos spokesperson, “Jeannie will be responsible for shaping and driving Paxos’s strategic vision and goals in Asia-Pacific.” She added that Lim will oversee new business opportunities and partnerships, as well as manage ongoing engagements with key clients, partners, and regulatory bodies throughout the region.
Lim’s LinkedIn profile indicates her six-year tenure at Meta prior to this role, along with sales/business development roles at First Data Corporation and Worldpay in Singapore, and sales/commercial development positions at Discover, Expedia, Chase, and Cardinal Commerce in the United States.
Rich Teo, co-founder and former CEO of Paxos Asia, remains a board member. Paxos employees were informed in February of Teo’s transition from his daily operational role. Teo, along with Charles Cascarilla, co-founded Paxos in 2012. The company raised $300 million in a funding round led by Oak HC/FT.
Paxos’s Singapore entity has obtained approval from the Monetary Authority of Singapore to operate as a major payment institution for digital payment token services. Singapore ranks as Paxos’s third-largest market, following the United States and the United Arab Emirates, where the company and its related entities are authorized to issue stablecoins.
Yesterday, Paxos announced that Singapore’s largest bank, DBS Bank, will become its primary banking partner, providing cash management and custody services for Paxos’s stablecoin reserves in Southeast Asia.