Singapore stablecoin firm StraitsX has launched a cross border settlement solution in conjunction with Singapore GrabPay merchants and Alipay+, the offshore payments firm owned by Ant International. StraitsX is the issuer of the XSGD stablecoin and holds a major payment institution license in Singapore.
Alipay+ has collaborations with numerous local wallets, especially in Asian markets. Here the partnership is with GrabPay. Inbound tourists from nine countries can use their home payment apps when spending money in Singapore with select GrabPay merchants. The local merchants will receive settlement instantly in Singapore dollars using the XSGD stablecoin, which is purpose bound money (PBM).
PBM is a digital currency standard developed in Singapore governing programmability for vouchers or other logic associated with a stablecoin, tokenized deposit or CBDC.
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