Uber in Southeast Asia opens cryptocurrency storage! You can call a taxi, have food delivered, or buy coffee.
Southeast Asia’s largest super App “Grab”, which started as a ride-hailing service and integrates food delivery, digital payment and other functions, announced in September last year (2023) that it would cooperate with Circle, the USDC stable currency issuer, to integrate crypto wallet functions within the App. Finally, the latest cryptocurrency service is now further opened. Starting from the 12th of this month, Singapore users can use cryptocurrency to store value in the GrabPay electronic payment wallet.
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All five major cryptocurrencies can be used to store value on GrabPay
This service is a collaboration between Grab and Triple-A, a Singapore-based crypto payment partner. Triple-A has previously obtained a license in Singapore to provide bank settlement services for converting cryptocurrencies into U.S. dollars.
Users can now store value on GrabPay using five cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), the Singapore dollar stablecoin XSGD, and the U.S. dollar stablecoins USDC and USDT.
However, the Southeast Asian App giant has kept a low profile on the matter. The local media in Singapore, The Straight Times, only obtained an official statement after asking Grab officials after users notified them of the discovery of new features in the Grab App.
In a joint statement between Triple-A and Grab, Triple-A said that whether it is arranging delivery, booking a vehicle, or buying coffee at the store, cryptocurrency holders in Singapore can now use cryptocurrency transactions.
The Singapore government embraces crypto innovation!
Grab said in a statement that although Grab provides services in eight regions in Southeast Asia, encrypted payment services are currently only open to consumers in Singapore. Grab will continue to monitor user adoption rates and make decisions on related needs for other encrypted services. respond.
The Singaporean government has always maintained a cautious attitude toward cryptocurrency but embraced innovation.
The Monetary Authority of Singapore (MAS) requires all providers of virtual asset services to obtain a Major Payment Institution (MPI) license before they can provide related services.
According to a report by The Straits Times in 2022, the Monetary Authority of Singapore MAS received a total of more than 580 license applications at that time, but as of last year (2023), less than 20 operators were approved to provide digital payments. For currency services, the review standards are quite strict.
The current president of Singapore (note: the president of Singapore is the virtual head of state) Tharman Shanmugaratnam has also publicly stated that cryptocurrency is "purely speculative" and even "slightly crazy".
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Be optimistic about the three major advantages of crypto finance! Grab started its layout in September last year
As digital assets and blockchain are gradually recognized to play an important role in future transactions, more and more companies are including cryptocurrencies as payment options.
Last September (2023), at Token 2049, Singapore’s annual cryptocurrency event, Grab announced that it would cooperate with Circle, the USDC stablecoin issuer, to integrate crypto wallet functions within the Grab App for a pilot program, targeting 180 million people in the region. user.
Unnamed sources revealed to Singapore's "Straits Times" that Grab plans to apply to Singapore regulators for a digital payment token-related license at the end of last year (2023).
When The Straits Times confirmed the news to Grab, Grab officially responded, expressing its belief that digital currency can help consumers, drivers, delivery people and small businesses in the ecosystem reduce transaction costs, improve security, and prevent fraud. potential.
On the other hand, GrabPay’s main crypto payment partner, Triple-A, is rapidly expanding its business scope in Singapore.
At the end of January this year, Triple-A cooperated with AXS, Singapore's long-established one-stop bill payment platform. Among the 600 payment services provided by AXS, people can use four cryptocurrencies to pay for 550 of them. This means that consumers can use Bitcoin, Ethereum, stablecoins USDT or USDC to regularly pay bills such as tolls, tuition fees, etc.
In addition to Grab, other companies that have cooperated with Triple-A for cryptocurrency payments include Apple retailer iStudio, luxury e-commerce company Farfetch, fashion brand Charles & Keith, Singapore Red Cross, financial platform Reap focusing on corporate payments, and Payment company AsiaPay, etc.
Source: Coindesk, The Straight Times
Review editor: Gao Jingyuan
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