In a significant move to enhance its fiat payment capabilities, Crypto.com has partnered with DBS Bank, the largest bank by assets in Southeast Asia. This collaboration underscores Crypto.com’s dedication to working closely with top financial institutions to provide secure and regulated services in alignment with the Monetary Authority of Singapore’s (MAS) framework.
Effective immediately, users in Singapore will have the ability to deposit Singapore Dollar (SGD) and U.S. Dollar (USD) through newly established banking channels facilitated by DBS Bank. This development is part of Crypto.com’s strategy to broaden its fiat payment options, offering users a variety of deposit and withdrawal methods.
Additionally, DBS Bank will empower Crypto.com to create distinct virtual accounts for its customers. This innovation is expected to streamline the process for users, allowing quicker and easier transfers of both SGD and USD to and from the Crypto.com App. This partnership complements an existing banking relationship with Standard Chartered Bank, positioning Crypto.com with a robust banking infrastructure in Singapore.
Karl Mohan, Executive Vice President and General Manager International of Crypto.com, commented on the new capabilities, stating, “Introducing new deposit and withdrawal capabilities in Singapore underscores our commitment to offering secure and regulated fiat payment solutions. This will enhance the Crypto.com App experience for Singapore customers, making it easier for them to interact with our products and services and is another important step in accelerating crypto adoption across the region.”
Chin Tah Ang, General Manager Singapore of Crypto.com, emphasized the strategic importance of Singapore as the company’s headquarters. He noted, “Working with the country’s largest bank, DBS, allows us to expand our provision of seamless SGD and USD transfers for our users. Deposits and withdrawals are already supported today, but we are proud to add greater accessibility and functionality to our retail services, in line with MAS regulations.”
Founded in 2016, Crypto.com has rapidly gained the trust of millions of users globally, establishing itself as a leader in regulatory compliance, security, and privacy. The company’s vision centers on ensuring that “Cryptocurrency in Every Wallet™” becomes a reality, highlighting their commitment to driving the adoption of cryptocurrency through innovative solutions.
For more information, visit Crypto.com.
