Coinbase introduces crypto trading and payment services for local businesses in Singapore

Coinbase has launched Coinbase Business in Singapore for local small businesses and startups, its first expansion outside U.S. soil. The exchange has partnered with Standard Chartered to offer real-time crypto trading and payment services in Singapore dollars for local businesses via the new platform.

Coinbase announced that the new platform will enable local businesses to settle payments instantly in stablecoins such as USDC and the SGD-backed XSGD. The company aims to reduce international transaction fees and chargebacks. 

However, the licensing scope will reportedly determine whether Coinbase Business can offer instant stablecoin settlement to all businesses in Singapore. It remains to be confirmed whether the exchange will only handle specific transaction types, which narrows the utility compared to what Coinbase’s announcement implies.

There are roughly 36 MPI-licensed businesses authorized for DPT Service and Singapore, and Coinbase Business will stand out if it is allowed to offer merchant tools. 

The Monetary Authority of Singapore (MAS) lists Coinbase Singapore Pte.Ltd as a Major Payment Institution (MPI) for Digital Payment Token (DPT) Service and Cross-border Money Transfer Service. However, MAS does not include Merchant Acquisition Service or Domestic Money Transfer. Coinbase may be limited in processing card and wallet payments for merchants or local payment processing.

Merchants need Coinbase Business APIs

Coinbase stated that providers need to access the Coinbase Business API (application programming interface) documentation and explore partnerships. Enterprise resource planning (ERP) systems and invoicing platforms can add plugins for SMBs to enable clients to accept XSGD and USDC payments through the Coinbase Business APIs. The payments can then be reconciled in the client’s ledgers to cut cross-border costs.

The exchange also urged providers to assess the platform’s feasibility, including invoice-to-ledger reconciliation workflows. Providers need a pricing model that shares savings with small to medium-sized enterprise customers while preserving their margins. 

Coinbase stated that this is not an isolated event, claiming it marks the latest milestone in a series of commitments the company has made in the region. Last month, the company sent a delegation to the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) Initiative. Coinbase emphasized that it is contributing directly to the workstream on agentic payments and the future of crypto settlements.  

Coinbase Business integrates portfolio management 

Coinbase Business enables Singaporean businesses to integrate portfolio management, allowing them to efficiently manage their digital treasuries from their operating accounts. The businesses can securely buy, sell, and exchange crypto assets directly.

Businesses will also be able to make global payouts to vendors, contractors, and remote employees in USDC. The integrated API also enables vendor management and payroll automation. 

Coinbase says the platform will provide shareable payment links for merchants to receive instant global payments. Customers can pay through hundreds of wallets, and businesses will only incur a 1% transaction fee. The exchange notes this is a massive saving compared to traditional credit card processing.   

Singapore has reportedly established itself as a hub for the future of finance in Asia, and Coinbase believes taking Coinbase Business to the country supports the region’s business community.

The all-in-one crypto operating platform will also feature a rewarding system for USDC balances and simplified accounting. Singaporean companies ready to join the bandwagon in upgrading their financial stack can apply for early access to Coinbase Business. 

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