Singapore-based Startup dtcpay Partners with Chinese Firms to Launch Crypto Payments Network
Dtcpay is a startup based in Singapore that is working on introducing a digital payment system for cryptocurrencies and fiat currencies. The firm has partnered with an open-sourced blockchain platform named PlatON for privacy-protected digital infrastructure.
Dtcpay Partners with Allinpay
At the same time, the firm is also working with Allinpay International to setup smart terminals and digital interfaces. Allinpay and PlatOn are based in China. Dtcpay is registered with Monetary Authority of Singapore (MAS) as a payment services provider.
The firm was formerly named Digital Treasures Center and it is a MAS-registered firm that offers point-of-sale and digital currency payment services. Allinpay parent firm told the media that the payment services will allow the firms to incorporate modern payment options and cater to young consumers.
Dtcpay will allow users to exchange fiat and cryptocurrencies and add new digital currencies. The firm finalized a deal with London-based Sumsub to add Know Your Customer option for digital wallet and offered Jeripay with crypto payment options for the 8000 terminal network.
Funding Partners of dtcpay
Dtcpay has been operating since 2019 and it was known as Digital Treasures Center. It participated in the Mastercard Start Path program for DeFi startups in 2022. The firm received funding from Pontiac Land Group which has been operating as a real estate conglomerate in pre-seed funding round in June.
Dtcpay managed to raise $16.5 million during a pre-series A round that was led by Kwee, the chairperson of Pontiac Land. With this funding, some branches of the restaurants of the investment firm will start accepting payments in cryptocurrencies.
It is important to note that electronic payment options are common in Singapore. At the same time, crypto regulations in the sector are advancing including consumer protection guidelines. Firms such as Coinbase and Ripple acquired payment institutions licenses from MAS in October.
At the same time, the state is working with Central Bank Digital Currencies. However, MAS has retained that it does not project any real utility for retail CBDCs.
The Monetary Authority of Singapore Launches 4 Retail CBDC Pilot Projects
MAS officials have retained that retail CBDCs do not constitute an immediate use case in the presence of viable digital payment options. The regulatory agency has completed the first phase of Project Orchid directed toward CBDC research.
The project is working on a retail CBDC infrastructure for later development. At the same time, researchers are also working on a new model for digital currencies in terms of purpose-bound money. Major banking firms and government agencies are participating in the CBDC pilot project to conduct a series of trials.
The report on the project noted that the utility of retail CBDC can start over time. The report further noted that digital currencies not denoted in Singaporean dollar are gaining traction as a medium of exchange on a local scale. MAS is working on programmable or automated execution of digital currencies as a medium of exchange to create a digital currency that can be used for predefined use cases.
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