Inaugurating a retail cryptocurrency payment system, Singapore startup dtcpay, collaborates with Chinese partners to fuse fiat and digital currencies seamlessly in both physical stores and online transactions.
Previously known as Digital Treasures Center, dtcpay, a Monetary Authority of Singapore (MAS)-registered entity, has been actively delivering point-of-sale and web-based crypto payment solutions.
The strategic alliance involves partnering with PlatON, an open-source blockchain provider renowned for its privacy-centric digital framework, and Allinpay International, specializing in crafting intelligent terminals and a digital interface.
Both PlatOn and Allinpay are domiciled in China, sharing MAS recognition as prominent payment institutions alongside dtcpay.
Singapore Startup dtcpay Expands Crypto Payment Services with Allinpay Partnership and New Collaborations
A spokesperson from Tonghua International, the parent company of Allinpay, expressed optimism about the collaboration. They stated;
“This cooperation will enhance merchants’ ability to align with contemporary payment trends and cater to the preferences of youthful consumers.”
In a positive outlook on the collaboration, the spokesperson emphasized how it would empower merchants to stay in sync with modern payment trends. They highlighted its potential to cater specifically to the preferences of younger consumers.
Dtcpay, adept at facilitating exchanges between fiat and cryptocurrencies, will extend its repertoire by incorporating additional digital currencies into its forthcoming service. Additionally, the company already offers point-of-sale and online checkout services, solidifying its position in the market.
Singapore Startup dtcpay Expands Partnerships for Enhanced Services in Digital Wallet and Crypto Payments in Singapore
In a recent development, dtcpay solidified a partnership with Sumsub, a London-based entity, to deliver Know Your Customer services for its digital wallet.
Furthermore, an agreement with Jeripay, a Singaporean POS provider, has been established to offer crypto payment solutions across its expansive 8,000-terminal network.
Founded in 2019 under the moniker Digital Treasures Center, dtcpay earned recognition by participating in Mastercard’s exclusive Mastercard Start Path program for crypto and blockchain startups in November 2022.
Subsequently, benefiting from a pre-seed funding round in June, backed by the Pontiac Land Group real estate conglomerate, dtcpay has positioned itself as a noteworthy player in the evolving landscape.
Electronic payment adoption is widespread in Singapore, a jurisdiction celebrated for its forward-thinking cryptocurrency regulations, emphasizing consumer safeguarding.
Notably, both Coinbase and Ripple secured significant payment institution licensing from MAS in October. The city-state, recognized for its experimentation with central bank digital currency, affirmed the absence of an “urgent use case” for a retail CBDC, as communicated by MAS.