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Ant, Grab, StraitsX simplify cross-border payments for SG
Ant International, Grab, and StraitsX have collaborated to simplify cross-border payments in Singapore.
Users of Alipay+ partner apps can now transact with GrabPay merchants, with payments settled in Singapore dollars using a regulated stablecoin.
Ant International is teaming up with StraitsX to enhance payment efficiency via the Whale platform, a treasury management solution. This comes as projected cross-border e-commerce revenue in Southeast Asia could reach US$148 billion by 2027.
The timing of this payment system launch aligns with Singapore’s tourism recovery, as it offers merchants opportunities to benefit from increased tourist spending.
Ant International, which manages Alipay+, connects 1.6 billion consumers with over 90 million merchants, including GrabPay merchants in Singapore.
Recent StraitsX developments
| Timeline |
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17-Nov-2023 💰 In 50 Words: Ant, Grab, StraitsX to jointly explore use of purpose-bound money
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16-Nov-2023 💱 StraitsX gets green light to issue SGD, USD stablecoins in Singapore
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03-Mar-2023 🚀 Singapore stablecoins to gain market share as ‘last-mile’ settlement product
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31-Oct-2022 💰 Grab, StraitsX to test ‘purpose-bound money’ at SG fintech festival
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| 23-Nov-2021 💱 StraitsX rolls out rupiah denominated stablecoin |
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