Aiming to facilitate seamless transactions for inbound tourists using local payment apps at GrabPay merchants in Singapore, stablecoin firm StraitsX has launched a cross-border payment solution in partnership with GrabPay, a mobile wallet for the Grab ecosystem, and Alipay+, the offshore payments firm owned by Ant. Internacional
What is the meaning: The association emphasizes the role of blockchain in reducing transaction costs and improving cross-border payments; It also offers cryptocurrency traders and enthusiasts more opportunities for adoption and efficiency in Southeast Asia.
Key details: In a statement, StraitsX highlighted that its cross-border payment solution will reduce transaction costs, improve cash flow and simplify cross-border transactions for SMEs and consumers in Southeast Asia.
- Blockchain Integration: The solution will use stablecoins through Purpose Bound Money to settle payments in Singapore dollars for GrabPay merchants.
- The blockchain network that will be used is Avalanche.
The goal: The solution is seen to expand the acceptance of Alipay+ in Singapore, enabling seamless payments for tourists using their local payment apps.
- The partnership aims to capitalize on the projected increase in tourist arrivals, from 13.6 million in 2023 to 16.5 million in 2024, allowing merchants to benefit from growing tourism spending.
- Furthermore, it is also noted that Southeast Asia’s cross-border e-commerce will grow significantly, with revenue expected to reach $148 billion by 2027, highlighting the need for SMEs to adopt more efficient payment methods.
Key quotes from entities involved:
- Tianwei Liu, CEO and co-founder of StraitsXshared that offering a cross-border payment experience through blockchain technology has been the goal of his company since its founding:
“Embarking on this journey with Ant International and Grab has been extraordinary and, as we combine our experience, market reach and technological capabilities, we are confident that this joint effort will foster greater access to digital financial solutions for both SMEs and consumers.” . Through this, we also hope to connect Asia’s diverse economies to realize a connected and inclusive digital economy.”
- I need Jay Lim, the regional head of GrabFin at Grab, He highlighted that the partnership aims to reduce friction in payments for consumers and businesses, emphasizing that tourists visiting Singapore can use their preferred wallets to make payments at GrabPay merchants:
“Our partnership with Ant International and StraitsX is part of our ongoing efforts to minimize friction and improve the payment experience for consumers and small businesses on our platform. Currency exchange can often be a problem for tourists. “This also provides these merchants with immediate settlement in Singapore dollars, improving cash flow and reducing the complexities associated with foreign currency transactions.”
- Edward Yue, Managing Director of Southeast Asia, Australia and New Zealand at Ant International, He also insisted that the partnership improves the payment experience for global travelers in Singapore:
“In addition, we are facilitating more efficient, secure and lower-cost fund transfers, and we look forward to playing our part in improving consumer and merchant experiences through innovation.”
worth reading: In 2022, Grab launched a web3 crypto wallet in Singapore, which supports Polygon and allows users to manage digital assets, send and receive tokens, and use NFT vouchers for food and experiences.
This article is published on BitPinas: Last month: Fintech Collab launches cross-border payments for SG tourists
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