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Merge, a London-based fintech, has received approval from French regulators to operate as both an electronic money institution (EMI) and a virtual asset service provider (VASP). This dual licensing enables the company to offer cross-border payment services that integrate traditional fiat currencies with blockchain-based stablecoin transfers.
XWeave , a startup developing infrastructure for stablecoin-based cross-border payments, has raised US$3 million in seed funding. Additional investors include White Star Capital, Fabric Ventures, DigitalCurrency Group (DCG), The Venture Dept., and several angel investors. said Milind Sanghavi, Founder and CEO of XWeave.
Circle Internet Group announced the launch of its Circle Payments Network (CPN), a new system designed to connect financial institutions for cross-border payments using regulated stablecoins. The post Circle Launches Stablecoin Payments Network for Cross-Border Settlements appeared first on Fintech Singapore.
StraitsX has launched its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL), marking a new phase in its collaboration with Ripple to support real-time digital payments across Asia. Its a marker of where financial infrastructure is heading. said Liu Tianwei, Co-Founder and Deputy CEO at StraitsX.
Stablecoins have a huge impact on the financial market as we know it, but more can still be done. Looking to take stablecoin usage to the next level in Hong Kong, Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands , and HKT have announced a joint venture (JV) to issue a Hong Kong dollar-backed stablecoin.
Looking to bridge the world of fiat and digitalcurrencies, Fipto , a blockchain-based payment infrastructure, is looking to make it easier for firms to integrate stablecoins and optimise existing global payment flows using blockchain.
Securities and Exchange Commission as indicative of the growing acceptance of digital assets globally. Thaksin suggested that Thailands Securities and Exchange Commission (SEC) adopt regulatory frameworks to support the trade of stablecoins, digitalcurrencies backed by assets.
The partnership’s first phase includes the launch of the dtcpay Visa Infinite card, allowing users—particularly ultra-high-net-worth (UHNW) individuals—to convert digitalcurrencies like stablecoins into fiat at real-time rates. Public registration for the dtcpay Visa Infinite card is expected in Q4 2024.
Ozean , a blockchain for Real-World Assets (RWA) yield launched by Clearpool , is joining forces with First Digital , a Hong Kong-based group offering global multi-asset custodial, trust, payments and stablecoin solutions, as part of WakeMaker, Ozean’s accelerator programme.
OpenPayd , a leading provider of financial infrastructure, today announced the launch of its stablecoin infrastructure, enabling businesses to move and manage digital assets and fiat through one platform. “Every business with international ambitions will need a stablecoin strategy. “We have removed those barriers.
Siam Commercial Bank ( SCB ), alongside its venture arm SCB 10X and Lightnet , has launched Thailand’s first cross-border payment system utilising stablecoins, according to CoinGape. The use of stablecoins also streamlines currency conversion processes, facilitating easier transfers between digital and local currencies.
.” New technologies gathering pace The research also reveals that adoption of technologies like open banking (54%) and digitalcurrencies (49%) is gathering pace in the sector, with a growing number of firms also now using and AI analytics (34%), blockchain (32%), embedded finance (26%) and stablecoins (20%).
The Bank for International Settlements (BIS) has released a report, “Stablecoins: Regulatory Responses to Their Promise of Stability,” analysing the regulatory environments for stablecoins across seven distinct jurisdictions.
Southeast Asian ride-hailing super app Grab has teamed up with licensed crypto payments provider Triple-A to introduce a feature that allows its users to top up their GrabPay Wallets using Digital Payment Tokens. The supported stablecoins at this stage include StraitsX Singapore Dollar (XSGD), Tether (USDT), and USD Coin (USDC).
This month, The Fintech Times is focusing on the world of digital assets. The idea that digital assets are exclusively some form of currency has been slowly dispelled, as new use cases emerge and are rapidly adopted across the globe. But digitalcurrencies are far from irrelevant.
The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. On asset tokenisation, Chia highlighted the introduction of a stablecoin regulatory framework.
the innovative, tech-driven payments bank, announces the launch of EURI, a bank-backed stablecoin, compliant with the Markets in Crypto Assets Regulation (MiCA). EURI is the first e-money token launched by Banking Circle and the first MiCA regulated stablecoin that is issued and backed by a bank in the EU. Banking Circle S.A.,
Ripple, a provider of enterprise blockchain and crypto solutions, plans to introduce a stablecoin tied directly to the US dollar (USD), pending regulatory approvals. With the stablecoin market currently valued at approximately US$150 billion and expected to soar to over US$2.8
PayPal USD (PYUSD), PayPal ‘s USD stablecoin, will now be available on the Solana blockchain. “Continued adoption from industry participants like PayPal helps realise the next generation of fintech innovation.” The news was announced at Consensus 2024 , the long-running cryptocurrency, blockchain and web3 event.
Stablecoins have been rising in conversation within the financial ecosystem of Singapore. As the name implies, stablecoins are digital assets designed to maintain a stable value relative to a reference asset, such as the US Dollar or gold.
This initiative aims to offer users more convenience by enabling the conversion of digitalcurrencies into spendable funds within their GrabPay Wallets. This top-up method went live on 12 March 2024. experiences among its users in Singapore. experiences among its users in Singapore.
The growing adoption of stablecoins across Asia marks a significant shift in the regions financial landscape. dollar-pegged stablecoins like USDT and USDC primarily dominate the cryptocurrency topography. Tether (CNHt) Tether CNHt is a stablecoin that is pegged to the offshore Chinese Yuan (CNY). Traditionally, U.S.
BVNK , the stablecoin payments provider, announced today that it has enabled Swift payments on its platform, so businesses can move easily between US dollars, Euros and stablecoins like USDT, USDC and PYUSD. By bringing together bank and blockchain payment rails and currencies in a single platform, we enable this for our customers.
Cryptocurrency payment processor BitPay has launched a new payment option, dubbed HODL Pay, as part of a move to offer more Web3 payment accessibility as digitalcurrency adoption grows. BitPay also says that consumers can stay invested while instantly accessing liquidity in stablecoins to meet immediate spending needs.
Merge , a London-based fintech, has activated its Electronic Money Institution (EMI) licence and Virtual Asset Service Provider (VASP) registration. This enables Merge to offer seamless payments in both local and digitalcurrencies, combining the trust of regulated fiat operations with the speed and efficiency of stablecoin-based transfers.
Will Marwick CEO, IFX Payments The Payments Report 2024 highlights the growing impact of digitalcurrencies, particularly stablecoins, as transformative payment solutions. The report notes how stablecoins, supported by regulatory developments, are driving advancements in digital commerce and cross-border transactions.
Over the past decade, Singapore has emerged as a global powerhouse in fintech innovation, not just in Southeast Asia but across the broader Asian region. This rapid growth has solidified Singapores position as a leader in the global fintech ecosystem while driving significant investments in other forms of financial tech.
In recent years, digitalcurrencies have been all the rave. However, the idea that digital assets are exclusively some form of currency is slowly falling by the wayside as different use cases are emerging and being rapidly adopted. Explore which countries are leading the stablecoin race and why.
customers to utilise PayPal USD (PYUSD) , a stablecoin pegged to the U.S. To make use of PYUSD for funding transactions, users must have a sufficient balance of the stablecoin in their PayPal Cryptocurrency Hub. Xoom, a subsidiary of PayPal specialising in cross-border money transfers, has enabled U.S.
In Asia-Pacific (APAC), the payment landscape is rapidly evolving, driven by the integration of advanced technologies, growing use of alternative payment methods and the rise of digitalcurrencies. Total spending in the region for digital wallets amounted to almost US$10 trillion in 2023, led mostly by China.
Conduit , a leading cross-border payments platform powered by stablecoins, announced today it closed a $36 million Series A funding round. Conduit’s platform seamlessly bridges the gap between traditional banking and stablecoin technology, offering unparalleled speed, affordability, transparency and reliability.”
Singapore embraces digitalcurrencies, combining cutting-edge innovation with solid regulations to ensure a safe trading environment. Cryptocurrency is a digitalcurrency form that uses cryptographic technology to secure transactions and control the creation of new units. Youre in the right place. What is Cryptocurrency?
As the tech-driven economic landscape continues to evolve at a remarkable pace, Singapore remains at the forefront of this transformation, particularly in the realm of fintech. This booming scene is driven by supportive government policies, a robust tech-savvy population, and an increasing number of fintech startups.
the tech-driven payments bank, has launched its bank-backed stablecoin, EURI. The EURI stablecoin is the first MiCA-regulated digital asset that is issued and backed by a bank in the EU. Furthermore, it will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market.”
Initially, these will use fiat currencies, but Swift plans to eventually integrate tokenised forms of money such as central bank digitalcurrencies (CBDCs) and stablecoins. Swift is also addressing the growing fragmentation in the digital asset ecosystem.
Latin American cryptocurrency company Ripio will work with global FinTech firm Circle , using the latter's platform to support USD Coin (USDC) liquidity, according to a press release emailed to PYMNTS. South America is experiencing rapid growth in stablecoin use, with a massive spike in the use of U.S.
The fintech landscape in the Asia Pacific (APAC) region has been evolving at a remarkable pace, with start-ups and established companies redefining how financial services are delivered and consumed. Today, we will explore five top fintech trends in the APAC region for 2024, supported by statistics and insightful information.
At 6:31 pm EST, the digitalcurrency still hit high, sitting at $19,083.92, as the coin approaches its record price of $19,783, which it hit in December of 2017. Square and PayPal have reportedly been a major instigator in the price rally, buying large quantities of the digitalcurrency.
This move will enable clients to accept PYUSD as a payment method and facilitate cross-border transactions using the stablecoin. PYUSD, a US dollar-denominated stablecoin, is fully backed by US dollar deposits, US treasuries, and similar cash equivalents.
The group, which has been releasing detailed central bank digitalcurrencies (CBDC) and cryptocurrency reports as of 2018, is geared toward CBDCs and retail and wholesale payments. . The digitalcurrency would be backed by the yuan, the Korean won, the Japanese yen and the Hong Kong dollar. .
The Central Bank of the United Arab Emirates (CBUAE) has approved new regulations for stablecoins, enabling it to integrate Dirham-backed digitalcurrencies into its financial ecosystem. But what is the significance of its latest decision regarding stablecoins? To find out, we asked a number of financial leaders.
Bengaluru, India, November 12th, 2024, FinanceWire In a landmark move following the 16th BRICS Summit, BackD is set to launch BRICS-backed stablecoins, aiming to redefine financial independence for emerging economies. By disassociating from the dollar’s fate, BackD’s BRICS stablecoins promote financial stability and autonomy.
Origin unveiled a stablecoin for the Ethereum network dubbed the Origin Dollar (OUSD), according to a Medium post. The digitalcurrency receives “competitive yields” from decentralized finance (DeFi) protocols without intervention as it stays in a user's wallet. Tether debuted the concept of a stablecoin denominated in U.S.
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