[Singapore startup DTCPay launches retail crypto payment system with Chinese partners]
Singapore-based DTCPay is launching an online and offline payment system that supports fiat and cryptocurrencies. The company mentioned Tether (USDT), Ether (ETH) and Bitcoin (BTC) in its announcement.
DTCPay cooperates with the open source blockchain platform PlatON and All Access Payment International to create privacy-protecting digital infrastructure, smart terminals and digital interfaces. PlatOn and All Access are both based in China. DTCPay and All Access Pay are registered as major payment institutions with the Monetary Authority of Singapore (MAS).
A spokesman for Tonghua International, the parent company of All Access Payment, said: "This cooperation will help merchants better adapt to contemporary payment trends and meet the needs of young consumers."
DTCPay will provide exchange services for fiat currencies and cryptocurrencies, introducing new cryptocurrencies in the new service. The company already offers point-of-sale and online checkout capabilities. In September this year, DTCPay reached an agreement with London-based Sumsub to provide Know Your Customer (KYC) services for its digital wallet, and reached an agreement with Singapore POS provider Jeripay to provide cryptocurrency payment services on its 8,000 terminal network. .
Founded in 2019 as Digital Treasures Center, DTCPay was selected into MasterCard’s MasterCard Start Path cryptocurrency and blockchain startup program in November 2022. In June, the company received backing from Pontiac Property Group in a seed round.
Singapore is very popular with electronic payments and is considered an advanced region for cryptocurrency regulation and consumer protection. Coinbase and Ripple received major payments institution licenses from the Monetary Authority of Singapore in October this year. The city-state is also experimenting with central bank digital currencies, but the Monetary Authority said there are currently no urgent use cases for central bank digital currencies at the retail level.
