Keep a lookout for various demonstrations of Purpose Bound Money (PBM) happening across different booths at Singapore FinTech Festival (SFF) 2023, held from 15-17 November 2023 at Singapore Expo. PBM is a concept first introduced by the Monetary Authority of Singapore (MAS) as part of Project Orchid, which enables special conditions and business logic to be specified when making transfers in digital money.
Back in September, StraitsX collaborated with Grab and UOB to introduce the Singapore Pitstop Pack industry pilot, allowing users the opportunity to purchase PBM vouchers from Fave. Users are able to use the Grab Web3 Wallet for payments with these vouchers, with payment acceptance ranging across 200 merchant outlets islandwide, including the likes of KOI, JUMBO Seafood, IRVINs, and more. Find out more about the Singapore Pitstop Pack industry pilot here.
Located in Hall 4, Booth 4D08, the StraitsX team will be on hand to distribute $5 Singapore Pitstop Pack vouchers which can be used across more than 200 accepting merchant outlets. Alternatively, users can opt to spend the vouchers for a cup of coffee or tea at the StraitsX booth. Each purchase of a drink at the StraitsX booth comes with a free pack of IRVINs chips.
The Singapore Pitstop Pack vouchers are an example of PBM, which allows conditions such as programmable rewards, validity period, and type of merchants to be specified when making transfers in digital money. Users will be required to set up their Grab Web3 Wallet to receive and pay with these vouchers.
Keep a lookout for a registration code provided by the Singapore FinTech Festival in your email inbox, to receive a $10 Amazon X SFF voucher for free! Take your pick and spend this voucher on a range of exciting exclusive merchandise, including the Singapore Pitstop Pack listed on the Amazon X SFF store, before collecting your purchased items in-person at Hall 2, Booth 2C09 from Amazon.
The Amazon X SFF digital voucher is an example of PBM facilitating escrow arrangements in an online retail transaction. For this pilot, the voucher in your wallet is earmarked for the purchase, and only released from your wallet when you have collected or received your items. Find out more about the Amazon pilot.
Visit FOMO Pay’s booth at Hall 3, Booth 3H29 to receive even more digital vouchers for spending! As one of the key merchant acquirers of the Singapore Pitstop Pack industry pilot, FOMO Pay will be distributing digital vouchers for the purchase of exclusive merchandise at their booth, or for payment at any of the Singapore Pitstop Pack accepting merchant outlets islandwide.
Speak to the FOMO Pay team to learn more about the seamless PBM payment and settlement flow between users and merchants.
Can’t get enough of the Singapore Pitstop Pack vouchers? Fret not, as users will be able to continue purchasing voucher packs directly on Fave. Vouchers are available for purchase and redemption up till the 31st December 2023, while stocks last.
For users who are unable to spend the vouchers at the conference itself, you may still use them for payments at more than 200 merchant outlets islandwide from these brands:
Singapore FinTech Festival 2023 provides StraitsX and other industry partners a platform to discuss opportunities, insights, and innovations in the area of Purpose Bound Money. The above interactions cover various ongoing Project Orchid pilots:
The StraitsX team welcomes conversations with all attendees at SFF 2023 on the above pilots, and we look forward to seeing you there! Register for your SFF 2023 Pass today.