StraitsX Insights

StraitsX Insights #4: Digitalising Southeast Asia’s Economy Via Blockchain & FinTech Associations

June 23, 2022

Key takeaways

  • StraitsX is part of ACCESS, Asosiasi Blockchain Indonesia, Blockchain Association Singapore, and the Singapore FinTech Association.
  • StraitsX and these associations hope to increase blockchain literacy among Southeast Asians, to foster collaboration between market participants and regulators, and to advocate the transformative potential of blockchain technologies.
  • This is in a greater vision to digitalise Southeast Asia’s economy and promote the region’s rise worldwide.

StraitsX is a member of ACCESS, Blockchain Association Singapore, Blockchain Association Indonesia and the Singapore FinTech Association. With memberships in these associations, StraitsX hopes to exercise its vision of increasing access to digital assets for everyone in Southeast Asia.

Why does StraitsX want to increase access to digital assets for everyone in Southeast Asia?

Increasing access to digital assets for unbanked or underbanked Southeast Asians would greatly help the region’s growth. The Asian Development Bank, or ADB, has forecasted Southeast Asia’s economic growth rate at 5.2% in 2023. 

Much of this growth is driven by micro, small, and medium enterprises (MSMEs) who transact mostly in cash, according to the World Economic Forum. This entails a lack of credit history, which shuts them out of most financial services.

StraitsX is well-positioned to help unbanked or underbanked Southeast Asians, with our pioneering status as a payments infrastructure for digital assets. Blockchain technology can help unbanked or underbanked Southeast Asians document their transactions, which will then give them access to most financial services. This paves the way to the region’s growth and prominence in the world.

Association of Cryptocurrency Enterprises and Startups Singapore (ACCESS)

ACCESS and StraitsX aim to advocate, engage, and educate Southeast Asians about blockchain technology and digital assets. They include businesses, consumers, and regulators.

Responsible use of blockchain technology and digital assets, as well as regulatory support would help greatly in the digitalisation of Southeast Asia’s economy. ACCESS and StraitsX facilitate conversations between them to better understand their concerns, dispel myths about blockchain technology and digital assets, and to show how transformative this technology can be.

Blockchain Association Singapore (BAS)

Blockchain Association Singapore
and StraitsX seek to unite regional and international stakeholders as well as regulators within the digital assets space. This unity can bring about solutions and promote best practices in a collaborative, open, and transparent manner.

BAS and StraitsX have the capabilities to fast track the development and integration of blockchain companies operating in or entering Singapore. There is also potential to build a pool of strong talent within the digital assets space.

Asosiasi Blockchain Indonesia (ABI)

The Indonesian counterpart of BAS is ABI, or Asosiasi Blockchain Indonesia. StraitsX is proud to be partnered with them because the transformative potential of a digital economy is great within Indonesia.

An estimated 180 million Indonesians are unbanked or underbanked. ABI and StraitsX seek to be disruptors within the region and give Indonesians the financial access they need by way of blockchain technology and digital assets access.

ABI and StraitsX aims to give Indonesians knowledge and understanding of blockchain technology, so as to empower them with social progress and competitiveness within the country and worldwide.

Singapore FinTech Association (SFA)

Singapore FinTech Association and StraitsX recognise that there are many participants within the FinTech space – some within the blockchain and digital assets space, and some not. 

StraitsX hopes to be a trusted representative of the blockchain and digital assets space to SFA’s domestic and international network of more than 800 companies in more than 40 countries.

Be part of the digital economy with StraitsX

StraitsX has a comprehensive ecosystem that enables you to be part of the digital economy. 

You can sign up for a StraitsX Business Account, where you can get, mint, swap, and redeem XSGD or XIDR with other stablecoins in our ecosystem.

  1. Sign up for a StraitsX Business Account.
  2. Upload the required documents to verify your identity.
  3. Make a Transfer In from your bank account to mint XSGD or XIDR.
  4. Create your own non-custodial wallet with our partners to transfer out your XSGD or XIDR
  5. Connect your wallet with our DeFi partners: DFX, Uniswap, and Zilswap to swap for other digital assets.
  6. Alternatively, get rewarded by providing liquidity with XSGD or XIDR

Note: If you are a high net worth individual, or institution, you can take advantage of
StraitsX’s OTC Desk feature that offers deep liquidity and OTC block trades.

Ready to get started?

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