StraitsX partners with Ant, Grab for blockchain payments

Starting September, tourists from 12 regions can use their home payment apps.

StraitsX, in collaboration with Ant International and Grab, has launched a cross-border payment solution using stablecoins and blockchain technology. 

The system enables inbound tourists to pay Singapore’s GrabPay merchants using their Alipay+ payment apps, enhancing payment efficiency through Purpose Bound Money (PBM) technology. 

Starting September, tourists from 12 regions, including mainland China, Hong Kong, South Korea, Italy, and the Philippines, can use their home payment apps at GrabPay merchants in Singapore. 

The integration of PBM aims to keep transaction fees steady for both international payment apps and GrabPay merchants, who will receive payment in Singapore dollars.

The partnership, initially established at the 2023 Singapore Fintech Festival, now leverages the Avalanche blockchain for secure and cost-effective transactions.

Ant International is also enhancing PBM’s efficiency and interoperability through its Whale treasury management platform, further supporting seamless payments for small and medium enterprises (SMEs) across Southeast Asia. 

With cross-border e-commerce in the region projected to reach $148b by 2027, this solution aligns with the growing demand for efficient digital payment methods.

The launch coincides with a strong recovery in Singapore’s tourism sector, with expected arrivals reaching up to 16.5 million in 2024. 

This system allows tourists to use their preferred digital wallets, whilst merchants benefit from instant Singapore dollar settlements, improved cash flow, and reduced currency exchange complications.