Ant International, Grab, and StraitsX have partnered to explore the use of purpose-bound Money (PBM) for cross-border payments.

PBM is a protocol that lets users set conditions on when digital currency can be used. This allows for added security and could potentially lower processing costs, according to a release from Ant.

Through this collaboration, GrabPay merchants will be able to accept PBM-enabled payments using Ant’s Alipay+ solutions. XSGD, the Singapore dollar-backed stablecoin issued by StraitsX, will be the underlying digital currency of the PBM.