- Coinbase Business launches in Singapore, marking its first expansion outside the United States.
- Partnership with Standard Chartered enables real-time SGD transfers and instant USDC settlements.
- The platform offers integrated crypto payments, global payouts, and accounting tools for Singaporean SMEs.
Coinbase has officially opened Coinbase Business in Singapore, and this was their first foreign entrance outside the United States. The relocation will create a one-stop crypto operating system to startups and small-to-medium enterprises (SMBs) in need of more efficient and faster financial services. This announcement emphasizes the fact that Singapore is becoming a digital financial hub in Asia. The company says that the platform will focus on removing the inefficiency of conventional finance by allowing real-time payments and global transactions, which will be facilitated using digital assets like USDC.
Coinbase Partners with Standard Chartered for Real-Time Payments
The exchange ratified a joint venture with Standard Chartered to enable real-time transfers in fiat in Singapore dollars (SGD) to retail and business customers. Coinbase will facilitate the smooth crypto trading and payment processing through its new business platform through this collaboration. Singaporean firms will now be able to instantly pay in stablecoins, such as the USDC and SGD-based XSGD, and reduce global transaction charges and prevent chargebacks.
The Monetary Authority of Singapore (MAS) lists Coinbase Singapore Pte. Ltd. as a Major Payment Institution (MPI) authorized to provide Digital Payment Token (DPT) Service and Cross-border Money Transfer Service. However, MAS has not granted the company licenses for Merchant Acquisition or domestic money transfer services. As a result, Coinbase may face restrictions when processing card or wallet payments for local merchants. Notwithstanding the constraints of the scope, Coinbase focused on the fact that its platform offers a compliant and efficient financial infrastructure that is specific to crypto-native operations.
Businesses Gain Integrated Tools and API Support
Through the new platform, the business can safely purchase, trade, and deal with digital assets in their operating account. The offering also facilitates the global payouts to vendors, contractors and remote workers in USDC. Moreover, an API with built-in automated vendor management capabilities and payroll processing will also be integrated, with direct support of popular accounting systems like QuickBooks and Xero.
Due to payment links, merchants can now accept instant payments on hundreds of wallets with a low transaction fee of 1%, which is a significant saving in comparison with credit cards. In addition, balance in USDC will enable companies to receive rewards on the balance, which enables them to maximize liquidity and still manage transparency.
According to Coinbase, the Singapore launch is a continuation of its increasing investments in the region. The company has recently become a member of the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) Initiative and is participating in the workstream of Agentic Payments that is looking into future models of settlement of digital assets. According to Coinbase, this partnership is its vision of creating secure and compliant infrastructure for the new era of finance.
Singaporean companies that are keen on upgrading their financial services can now receive early access toCoinbase Business using the official company site.
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