Singapore is one of Asia’s biggest financial markets and a major economic player, so it is no surprise that the city-state is a target market for some prominent global payments firms.
Visa is one such firm with interests in Singapore. The US-based payments firm, a worldwide leader in card issuing, has partnered with dtcpay, a Singaporean digital payments company. The duo aim to bridge a perceived gap between traditional payments and digital currencies.
To achieve this, they are turning to each other’s specialities – dtcpay’s blockchain and multi-currency swap technologies, and Visa’s experience in card issuing. The first phase will see the launch of a new card, branded the ‘dtcpay Visa Infinite card’, which will allow users to convert digital currencies like stablecoins into fiat currencies.
These fiat currencies can be used to fund the card, and the partners plan to make the currencies available for public registration in Q4 2024. This will be followed by development of additional global payments solutions targeted at ultra-high-net-worth (UHNW) individuals, businesses, and consumers.
Adeline Kim, Visa’s Country Manager for Singapore, said: “Visa’s partnership with dtcpay underscores our commitment to driving innovation in the payments industry. By combining Visa’s global reach with dtcpay’s Web3 expertise, we are empowering consumers and businesses who use dtcpay to convert their digital currencies into fiat and make digital payments seamlessly.
“We continue to redefine the payments experience for businesses and consumers, offering them greater choice, security, and convenience when they make contactless payments. More importantly, we empower them with a seamless payment experience and ensure it is easy for them to pay and be paid.”
Singapore is the 31st largest economy in the world by GDP and the third largest in the Association of Southeast Asian Nations (ASEAN). It is a prominent local finance hub, and has become a key target market for digital currency-focused firms of late.
Developments in 2024, for example, have seen OKX – one of the world’s largest cryptocurrency trading platforms – secure a Major Payment Institution (MPI) licence, something which was also achieved by Currencycloud earlier in the year.
Visa’s ambitions do not stop at Singapore, however, with the firm identifying the wider Asia-Pacific region as at the ‘forefront of the digital payments revolution’. The firm has cited data suggesting that the Southeast Asian digital economy is projected to hit US£1trn by 2030.
Alice Liu, CEO and Co-Founder, dtcpay, remarked: “Our mission at dtcpay is to bridge the gap between digital payments and traditional finance through the enabling of emerging digital currencies to be used and accepted by mainstream financial systems.
By bolstering this ambition with Visa’s commitment to innovation, our partnership will introduce an additional digital payment avenue for businesses and individuals, enabling dtcpay to drive greater mainstream acceptance for digital currencies.”
