Grab, StraitsX, and OKX Singapore have teamed up to debut a Web3 wallet with stablecoin support, kicking off in Singapore and eyeing cross-border pilots in Thailand.
This collaboration aims to enhance payment convenience in Asia, leveraging stablecoins for secure, swift transactions and is backed by a major $10M investment.
Grab Expands Reach with Stablecoin Wallet in Singapore
The collaboration involves Grab Financial Group, StraitsX, and OKX Singapore launching a Web3 wallet powered by stablecoins. Initially, it targets users in Singapore with plans for regional expansion.
Key figures: Lim Kell Jay of Grab, Tianwei Liu of StraitsX, Gracie Lin of OKX. The partnership aims to streamline digital payments using stablecoins, driven by significant investment.
Lim Kell Jay, Regional Head, Grab Financial Group, said, "This partnership reflects Grab’s ongoing commitment to reducing friction and enhancing the payment experience for consumers and small to medium-sized businesses. By integrating OKX Pay with GrabPay through StraitsX’s settlement network, we are enabling our merchant-partners to benefit from expanding acceptance to a broader range of users and payment options, without any change to their existing flows."
$10M Boost in Merchant Payment Flexibility Across Asia
The launch impacts merchant transactions in Asia, broadening payment methods for businesses and consumers. Retailers and F&B sectors can expect increased flexibility in financial operations.
Financial backing by $10 million from UQPAY showcases institutional confidence, signaling a shift in regional payment dynamics while testing cross-border payment solutions.
Stablecoins: Driving New Financial Frontiers in Asia
Past integrations by StraitsX highlight significant success in Southeast Asia's payment infrastructure. This new rollout continues the trend of increasing stablecoin usability in everyday financial activities.
Experts predict increased merchant adoption of stablecoins as a practical payment solution, potentially leading to greater digital asset incorporation for standard businesses across Asia.