Singapore-based startup Dtcpay is set to launch a new payment system, tailored for both cryptocurrencies and traditional fiat currencies. To achieve their goal of establishing a privacy-protected digital payment infrastructure, they have entered into strategic partnerships with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International.
The collaboration will focus on creating smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC). Dtcpay, formerly known as Digital Treasures Center, has made a name for itself providing advanced digital currency payment services, enabling partners and merchants to accept payments in both traditional and digital currencies.
The company has also formed alliances with the verification platform Sumsub, aiming to heighten the security and reliability of digital currency payments in key markets such as Singapore, Hong Kong, Dubai, the UK, and Europe. Additionally, Dtcpay partnered with Singapore-based PoS technology developer Jeripay, in September, to integrate crypto within Jeripay’s 8000 terminal network.
The collaborations come as Singapore is continuously developing crypto regulations to offer enhanced consumer protection. Major crypto firms such as Coinbase and Ripple have already been licensed as payment institutions by the Monetary Authority of Singapore (MAS), which is also exploring the potential of central bank digital currencies (CBDCs).
Project Orchid, a retail CBDC research project, has completed its first phase, aiming to create digital currencies for specific purposes, bringing together major banks and government agencies in a series of pilot trials. Although retail CBDCs have yet to become mainstream, the project’s report indicates that digital currencies not denoted in Singaporean dollars are gaining local traction. In order to keep pace with these developments, MAS is exploring the concept of programmable or automated execution of digital currencies tailored to predefined use cases.