Independent Reserve, a Singapore-based crypto-exchange licensed under Singapore’s Payment Services Act, said on October 6 that it added cross-border payment tools for businesses making fiat and stablecoin payouts.

Businesses can fund accounts in Singapore dollars or US dollars and pay suppliers, employees, or related entities through bank accounts, e-wallets, or cards, the company said.

The service supports more than 20 currencies, including most Group of 10 and several Association of Southeast Asian Nations currencies.

An application programming interface lets businesses automate transactions and track payments, which the company said simplifies reconciliation.

Businesses can also receive stablecoins such as USDC or USDT in their Independent Reserve accounts. The company said all payments settle the same day.

Singapore’s payments regime covers digital payment token services under the Payment Services Act.

In 2023, the Monetary Authority of Singapore finalised a framework that initially applied to single-currency stablecoins pegged to the Singapore dollar or Group of 10 currencies and issued in Singapore.

🔗 Source: Independent Reserve