Crypto.com Teams Up with DBS To Enhance SGD and USD Transfers in Singapore

TLDR

• Crypto.com partners with DBS Bank to offer seamless SGD and USD deposits and withdrawals for Singapore users.
• The new service enables fast transfers via virtual accounts, complementing Crypto.com’s existing partnership with Standard Chartered Bank.
• The update aligns with Singapore’s financial regulations under the Monetary Authority of Singapore (MAS).
• Crypto.com aims to enhance user experience by expanding payment channels and offering regulated fiat solutions.
• The partnership with DBS supports Crypto.com’s growth strategy in Singapore, its headquarters and key regional hub.

Crypto.com has expanded its fiat payment capabilities in Singapore, announcing a new partnership with DBS Bank. The platform will now allow users to deposit and withdraw SGD and USD via DBS, strengthening its banking infrastructure. This initiative underscores Crypto.com’s commitment to delivering secure, regulated services within Singapore’s financial framework.

Partnership with DBS Bank for Enhanced Fiat Payments

Crypto.com users in Singapore will gain access to seamless SGD and USD deposits and withdrawals through DBS. DBS will also provide Crypto.com with virtual accounts, enabling users to make fast transfers. This new service complements Crypto.com’s existing banking relationship with Standard Chartered Bank, enhancing its banking capabilities.

Karl Mohan, EVP, Financial Services, General Manager International of Crypto.com, said, “This will enhance the Crypto.com App experience.” He emphasized the importance of offering regulated fiat solutions to customers in Singapore. The new features will make it easier for users to interact with Crypto.com products and services.

Strengthening Singapore’s Fiat Payment Infrastructure

Crypto.com considers Singapore its headquarters and a crucial hub for its regional growth strategy. The partnership with DBS Bank will enable smoother transactions in SGD and USD for users. Chin Tah Ang, General Manager of Crypto.com Singapore, said, “We are proud to add greater accessibility and functionality to our retail services.”

The new payment options align with the Monetary Authority of Singapore’s (MAS) regulations. Crypto.com has enhanced its retail offerings, providing customers with more deposit and withdrawal options. These improvements come as part of the company’s ongoing efforts to enhance its fiat payment channels in the region.

SGB Stablecoin Issuance and Libeara Tokenized Gold Fund Set the Stage

This new partnership joins a series of new developments around Singapore. In December alone, Blockonomi reported the country’s vast involvement in cryptocurrency. As reported, Singapore Gulf Bank (SGB) has recently launched a stablecoin issuance and redemption service on the Solana blockchain, targeting corporate clients. The service enables businesses to mint and redeem USDC and USDT directly on Solana, capitalizing on the blockchain’s speed and low transaction costs.

Another development is that of Libeara, which has introduced the MG 999 tokenized gold fund in Singapore, offering digital exposure to gold. The fund tracks the spot price of gold through blockchain, eliminating the need for vaulting and storage costs. Backed by Standard Chartered, the fund provides institutional investors with a digital alternative to owning physical gold. In collaboration with FundBridge, the MG 999 fund ensures regulatory compliance while offering cost-efficient access to gold. The launch coincides with rising demand for gold as a safe-haven asset amid economic uncertainty.