OKX SG has partnered with Eurokars Supersports, McLaren Automotive’s authorised dealer in Singapore, to allow VIP customers to purchase McLaren vehicles using their digital asset holdings.
Customers can convert their crypto into Singapore dollars through OKX SG’s OTC trading desk, while McLaren Singapore receives payment entirely in fiat currency.
OKX SG, which holds a Major Payment Institution licence from the Monetary Authority of Singapore (MAS), will assign dedicated relationship managers to coordinate with McLaren Singapore’s team throughout the purchasing process.
How the OKX SG payment process works
The relationship manager arranges a personalised OTC quote covering the full purchase amount.
After converting their digital assets into Singapore dollars, customers can withdraw the funds to their bank accounts and complete the purchase through a bank transfer to McLaren Singapore.
Customers can also use their OKX Card to pay for servicing, parts, accessories and deposits.
For these transactions, supported digital assets are converted into fiat currency at the point of payment.
Under both payment methods, McLaren Singapore receives Singapore dollars. OKX SG said the initiative expands its VIP services beyond trading, allowing customers to use their digital asset holdings for purchases and other expenses.
Building on the McLaren Racing partnership
The arrangement builds on OKX’s global partnership with McLaren Racing, which began in 2022.
“As digital assets become a more established part of how people manage their wealth, customers increasingly want the flexibility to use them beyond trading,”
said Gracie Lin, Regional CEO of OKX Singapore and Australia.
Lin said the existing relationship with McLaren Racing provided a foundation for extending the collaboration to customers in Singapore.
The initiative brings together OKX SG’s VIP relationship managers and Eurokars Supersports’ team to support customers making vehicle purchases.
“This strategic collaboration with OKX SG provides high-net-worth clients with greater flexibility to integrate their digital wealth into their lifestyle pursuits,”
said Dawn Loo, General Manager of Eurokars Supersports.
The arrangement allows customers to fund vehicle purchases with digital assets while keeping the merchant’s payment and settlement process in Singapore dollars.
The deal adds to OKX SG’s efforts to connect digital asset holdings with everyday payments in Singapore.
OKX SG previously launched OKX Pay with StraitsX and Grab, allowing users to pay with stablecoins at GrabPay merchants by scanning SGQR codes.
Featured image credit: Edited by Fintech News Singapore, based on image by Who is Danny via Magnific