StraitsX announced the official launch of a cross-border stablecoin-powered payment system with Ant International and Grab.

Southeast Asia’s digital asset payment infrastructure will enable more efficient fund transfer via Purpose Bound Money (PBM) when inbound tourists use Alipay+ payment partner apps for payments at GrabPay merchants in Singapore.

The payment system leverages the Avalanche Network to power back-end payment acceptance flows with PBM.

Alipay+ has 12 payment partners

Through this partnership, Alipay+ further expands its acceptance in Singapore through GrabPay merchants including CHAGEE, BreadTalk, Toast Box and iStudio (Apple Premium Partner).

Since September 2024, international users of 12 Alipay+ payment partners; including Alipay (Mainland China), Alipay HK (Hong Kong SAR), Kakao Pay, Naver Pay and Toss Pay (South Korea), Tinaba (Italy), MPay (Macau SAR), Touch ‘n Go eWallet and MyPB from Public Bank Berhad (Malaysia), Hipay (Mongolia), GCash (Philippines) and TrueMoney (Thailand) can now transact at participating GrabPay merchants in Singapore.

The use of PBM is also expected to keep payment processing costs consistent for GrabPay merchants in Singapore and international payment apps in the Alipay+ ecosystem.

Additionally, Ant International is also working with StraitsX to enable efficiency and interoperability of payments made via PBM via the Whale platform. The Whale platform is Ant International’s next-generation cash management solution.

“We also hope to connect the diverse economies of Asia”

Tianwei Liu, Deputy CEO and Co-Founder of StraitsX, said: “Embarking on this journey with Ant International and Grab has been remarkable, and as we combine our expertise, market reach and technological capabilities, we We are convinced that this joint effort will promote better access to digital financial solutions for SMEs and consumers. Building a cross-border payment solution using blockchain technology to enable a seamless cross-border payment experience has been our mission since day one. Through this, we also hope to connect the diverse economies of Asia to realize a connected and inclusive digital economy.

Kell Jay Lim, Regional Head of GrabFin at Grab, commented: “Our partnership with Ant International and StraitsX is part of our ongoing efforts to minimize friction and improve the payment experience for consumers and small businesses on our platform. Currency exchange can often be a problem for tourists. Through this collaboration, visitors to Singapore can now enjoy the convenience of using their favorite wallet when paying at any restaurant or merchant displaying the GrabPay QR. This also allows these merchants to benefit from immediate settlement in Singapore dollars, thereby improving cash flow and reducing the complexities associated with foreign exchange transactions.

Edward Yue, Managing Director for Southeast Asia, Australia and New Zealand at Ant International, said: “We are proud to partner with StraitsX and Grab on this innovative solution. Our partnership provides global travelers with even more convenience when paying with their home payment app while in Singapore, as we welcome GrabPay merchants, which include some of the most loved local brands. Additionally, we make money transfers more efficient, secure and cost-effective, and we look forward to playing our part in improving the consumer and merchant experience through innovation.