Crypto.com announced a strengthening of its fiat payment capabilities with DBS Bank, which is reportedly Southeast Asia’s largest bank by assets. This highlights Crypto.com’s commitment to working with banks to deliver services under the Monetary Authority of Singapore’s (MAS) framework. Crypto.com users in Singapore may now deposit SGD and USD via an additional set of banking rails “facilitated by DBS, reinforcing the platform’s strategy of strengthening fiat payment channels.”
DBS will provide Crypto.com with the ability to create “virtual accounts for its customers, enabling fast and simple transfers of SGD and USD to and from the Crypto.com App.”
This is in addition to a banking partnership with Standard Chartered Bank, giving Crypto.com key infrastructure in Singapore.
As noted in another recent update, DMCC, the international business district that drives the flow of global trade through Dubai, has announced a partnership with Crypto.com to push tokenisation into the commodities market and lay the groundwork for trade infrastructure.
Under a newly signed Memorandum of Understanding, the organisations will examine how blockchain technology can “reduce settlement friction, improve price transparency and broaden market access across commodities segments from precious metals and diamonds to energy and agri-markets.”
The parties will evaluate whether tokenised commodities could be listed on the Crypto.com Exchange (subject to obtaining the requisite regulatory approvals and meeting the listing requirements), alongside “exploring custody models, liquidity-facilitation mechanisms and the potential facilitation of digital-asset payments across DMCC’s digital platforms and selected member use cases.”
As part of the engagement, Crypto.com will work with the DMCC Crypto Centre on a series of educational and technical programs that are “aimed at building institutional understanding and responsible innovation across Dubai’s rapidly expanding Web3 ecosystem.”
Initiatives under consideration include “workshops, hackathons and capability-building modules for businesses exploring tokenised asset models.”
The agreement builds on DMCC’s partnership with VARA, signed earlier this year, to advance “global infrastructure for tokenised commodities and which marked a pivotal step in the evolution of Dubai’s digital asset ecosystem.”
Together, these initiatives support the “creation of a compliant and globally scalable framework for integrating real-world assets into the digital economy.”
The partnership reinforces DMCC’s position at “the centre of commodities trade and the emerging tokenised economy.”
Home to firms across energy, precious metals, diamonds, agri-commodities and technology, DMCC has built “one of the commercial environments for firms operating at the intersection of trade and innovation.”
Its tech ecosystem comprises various firms, creating “cross-sector pathways for practical applications of blockchain across real-world trade systems.”