Coinbase Latest Launch News: First Global Expansion in Singapore

Coinbase Latest Launch News: Singapore First Hub for Global Business

The company has formally launched outside of the U.S., with Coinbase Business in Singapore, which offers crypto-powered trading and payment services to local startups and SMEs with real-time settlement capabilities.

Coinbase Latest Launch News: Singapore First International Expansion.

Coinbase is among the largest cryptocurrency exchanges in the world, and the official launch of Coinbase Business in Singapore has been announced. It is the first international business expansion of the company beyond the United States, and it is a significant step in the global expansion strategy of the company.

The new platform aims to enable startups, small and medium-sized businesses (SMEs), and financial technology companies to manage cross-border transactions more effectively with the help of cryptocurrency and stablecoin rails. 

The exchange claimed that the service is designed to lower the cost of international transactions, remove lengthy settlement delays, and limit chargebacks, which is a common problem with businesses accepting digital payments.

Source: Wu Blockchain X

Collaboration with Standard Chartered on Real-Time SGD Transfers.

One of the major distinguishing features of Coinbase Business is its strategic collaboration with Standard Chartered Bank, which facilitates the transfer of real-time in SGD. 

This integration will bring the old banking system and the crypto-based payment infrastructure together, enabling the local businesses to freely transition between fiat and digital currencies.

By this collaboration, the clients will have the ability to make instant payments with stablecoins, including USD Coin (USDC) and XSGD, which are pegged to the U.S. dollar and Singapore dollar, respectively. 

This instant settlement service offers a quicker and more predictable experience to companies that rely on international trade or work in multi-currency settings.

Approval of Regulatory and Scope of License in Singapore.

Coinbase Singapore Pte. Ltd. is a licensed Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS). The license encompasses two important services:

• Digital Payment Token (DPT) Service.

• International Money Remittance Service.

Nevertheless, the exchange is not licensed as of now in the Merchant Acquisition Service or the Domestic Money Transfer Service. This could restrict its capacity to offer local card processing or wallet acceptance to merchants. 

Thus, though this can facilitate settlements of stablecoins and cross-border transfers, its range of merchant offerings may be limited to the types of transactions in the existing regulations.

Presently, the country has 36 DPT MPI licensed entities. This exchange might have a competitive advantage in this regulated market in case it launches merchant tools and API integrations to SMEs.

Software Integration and Stablecoin Utility Opportunities.

The software developers and cryptocurrency payment platforms also have new opportunities. Enterprise resource planning (ERP), invoicing, and accounting software vendors can use APIs to allow SMEs to receive payments in USDC or XSGD directly issued by their clients.

These integrations have the potential to automate invoice-to-ledger reconciliation, which saves money on international transfers and removes the need to use a traditional payment gateway. 

These systems may one day constitute a hybrid infrastructure, with the real-time SGD transfers by Standard Chartered, intelligently routing payments between legacy banking rails and blockchain-based networks of stablecoins.

Interested providers who want to build on Coinbase are advised to read the API documentation and partnership pathways to make sure that it is technically and financially viable, such as optimizing transactions and maintaining margin with SME clients.

The Rising Singapore in digital asset innovation.

It took part in the MAS BLOOM Initiative, which examines blockchain-based settlement of digital assets. The release solidifies the role of Singapore as a major fintech and crypto innovation center, with the presence of well-defined regulatory frameworks and well-established institutional cooperation.

Conclusion

The expansion connects the traditional finance and blockchain-based payments, providing businesses with faster settlements and lower costs- a new precedent of integrating crypto-finance globally into regulated markets.