Crypto.com is enhancing its fiat payment capabilities through a new partnership with DBS Bank, recognized as Southeast Asia’s largest bank by assets. This collaboration underscores Crypto.com’s dedication to working within the framework established by the Monetary Authority of Singapore (MAS) to deliver efficient financial services.
As a result of this partnership, users of Crypto.com in Singapore will now have the ability to deposit Singapore Dollars (SGD) and US Dollars (USD) through expanded banking channels enabled by DBS. The arrangement allows Crypto.com to set up virtual accounts for its customers, facilitating swift and straightforward transfers of SGD and USD into and out of the Crypto.com App. This initiative complements Crypto.com’s existing alliance with Standard Chartered Bank, which further solidifies its banking infrastructure in Singapore.
In a related development, the Dubai Multi Commodities Centre (DMCC) has also announced a partnership with Crypto.com aimed at fostering tokenization within the commodities market and establishing a robust trade infrastructure. Under a newly signed Memorandum of Understanding, the two entities will explore how blockchain technology can minimize settlement friction, enhance price transparency, and broaden market access across various commodity sectors, including precious metals, diamonds, energy, and agriculture.
The partnership will evaluate the feasibility of listing tokenized commodities on the Crypto.com Exchange, pending necessary regulatory approvals and adherence to listing requirements. Furthermore, Crypto.com will collaborate with the DMCC Crypto Centre to implement educational and technical programs focused on promoting institutional understanding and responsible innovation within Dubai’s burgeoning Web3 ecosystem. Proposed initiatives include workshops, hackathons, and skill-building modules designed for businesses seeking to adopt tokenized asset models.
This agreement builds on earlier collaborations, notably DMCC’s partnership with VARA, aimed at advancing global infrastructure for tokenized commodities, marking a significant milestone in the evolution of Dubai’s digital asset landscape. The synergy between these efforts supports the formulation of a compliant and scalable framework for integrating real-world assets into the digital economy.
Through these strategic partnerships, DMCC is reinforcing its status at the forefront of commodities trade and the emerging tokenized economy. Housing a diverse range of firms in sectors such as energy, precious metals, diamonds, agriculture, and technology, DMCC has cultivated a commercial environment that thrives at the intersection of trade and innovation. Its technology ecosystem fosters various firms that are actively creating pathways for the practical application of blockchain technology within real-world trading systems.
