Both companies will review regulatory and technical requirements for enabling Web3-compatible wallets for merchants, including mitigating risks related to money-laundering
Grab is working with StraitsX on a Web3 settlement model that may bring stablecoin payments to consumers and merchants across Asia.
The MOU covers plans for a Web3-connected wallet in the Grab app and a stablecoin-based clearing and settlement layer for cross-border transactions.
StraitsX will support technical development of wallet functions such as compliant custody and programmable payments.
Both companies will review regulatory and technical requirements for enabling Web3-compatible wallets for merchants, including mitigating risks related to money-laundering.
The aim is to allow GrabPay merchants to accept stablecoin payments from local and overseas customers through widely used Web3 wallets.
Southeast Asia is one of the world’s fastest-growing digital economies, but payments remain fragmented and costly. By uniting Grab’s scale with StraitsX’s established stablecoin infrastructure, proven track record in market expansion, and network of partners across broader Asia, we can deliver a financial network that is faster, cheaper, more inclusive, and regulatory-compliant, said Tianwei Liu, Co-Founder and CEO of StraitsX.
This collaboration will accelerate the growth of Southeast Asia’s digital economy on an interoperable payments infrastructure of the future, Liu added.
If the initiative moves forward and receives regulatory clearance, Grab users may be able to hold and use StraitsX-issued stablecoins such as XSGD and XUSD, both designed for enterprise-grade, cross-border settlement.
The companies are also exploring fiat-to-stablecoin conversions within the app.
Grab sees potential for Web3 technologies to improve cross-border retail payments while providing a familiar experience for users, said Kell Jay Lim, Head of Grab Financial.
Jay Lim added: We look forward to working with StraitsX to bring their capabilities and expertise to bear in solving these problems for our consumers and merchants.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!