StraitsX is a digital asset payments infrastructure provider in Southeast Asia. Ant International and super app grab Launching a new blockchain-based cross-border payment system.
This partnership builds on the first MOU signed At the 2023 Singapore FinTech Festival.
The new system uses Purpose Bound Money (PBM), which defines the conditions for use of stablecoins, and the Avalanche blockchain.
The use of PBM is expected to keep payment processing costs constant for GrabPay merchants and international payment apps within the Alipay+ ecosystem.
This will enable tourists to make payments at GrabPay merchants in Singapore using home payment apps such as Alipay and Kakao Pay through the Alipay+ network.
Payments will be settled instantly in Singapore dollars via a regulated stablecoin, allowing merchants to settle in their local currency instantly.
This streamlined approach aims to reduce transaction complexity and support small and medium-sized enterprises (SMEs) with efficient and secure cross-border transactions.
Ant International, which operates Alipay+, connects over 1.6 billion consumers through more than 30 payment partners around the world, enabling a seamless cross-border payment experience.
Participating GrabPay merchants include well-known companies such as CHAGEE, BreadTalk, Toast Box, and iStudio, offering tourists familiar and convenient payment options.
Edward Yue, general manager for South East Asia, Australia and New Zealand at Ant International, said the partnership with StraitsX and Grab will provide more convenient payment options for travelers around the world, making them more efficient, secure and cost-effective. It said it was aimed at supporting high capital flows.
Tianwei Liu, CEO and Co-Founder Straits Xsaid,
“We are excited to launch this initiative with Ant International and Grab, and by combining the expertise, go-to-market and technology capabilities of both companies, we are confident that this joint initiative will enable small businesses and consumers to access digital financial solutions. We believe it will facilitate access.
From the beginning, it has been our mission to build cross-border payment solutions using blockchain technology and enable a seamless cross-border payment experience. ”
Kell Jay Lim, Regional Head of GrabFin at Grab, said:
“Our partnership with Ant International and StraitsX is part of our continued efforts to minimize friction and improve the payment experience on our platform for consumers and small businesses. It can often be a source of trouble.
Through this collaboration, visitors to Singapore can now enjoy the convenience of using their preferred wallet when paying at restaurants and retail outlets displaying GrabPay QR. This will enable these merchants to settle instantly in Singapore dollars, improving cash flow and reducing the complexity associated with foreign currency transactions. ”
Featured image credit: Edited from freepic
