StraitsX explores ASEAN stablecoin usage with Asian Business Case Competition 2022

September 1, 2022

StraitsX and Business Solutions, a student-driven initiative from Nanyang Technological University’s Nanyang School of Business, jointly organised the 16th edition of the Asian Business Case Competition (ABCC) this month.

In ABCC 2022, participating groups from ten universities across Asia-Pacific and Eastern Europe were tasked with proposing a market entry plan for the next Southeast Asian digital currency and market that StraitsX should develop to drive the adoption of digital assets in Asia and beyond. StraitsX currently issues two stablecoins, the StraitsX Singapore Dollar (XSGD) and StraitsX Indonesian Rupiah (XIDR), which are pegged to the Singapore Dollar and Indonesian Rupiah respectively.

Head of StraitsX, Aymeric Salley said, “At StraitsX, we believe that financial literacy and educating the public about blockchain and digital assets is pivotal. This is why we choose to partner with ABCC as a sponsor for the competition, providing students with a platform to showcase their creativity and innovation as we push forth the future of money and digital assets in the region.”

ABCC is Singapore’s only international business case competition that focuses on sustainable business management in Asia. The competition serves as an avenue for outstanding undergraduates from leading universities around the world to apply their values, knowledge, and skills to real-world contexts, business opportunities and challenges.

Emerging as the winner of the competition is Team We Are CBA from the University of the Philippines, who proposed a market entry plan for a Vietnamese stablecoin, including partnerships with companies in e-commerce, health insurance, and gaming. Following up as first and second runners-up respectively are Team Bash At it from the University of Hong Kong and Pandora Consulting from the Corvinus University of Budapest, both of whom advocated for the launch of a new Malaysian stablecoin.

Other participating teams include students from Chulalongkorn University, City University of Hong Kong, Ritsumeikan Asia Pacific University, UCSI University, University of Belgrade, University of Colombo, and UNSW Sydney.

Business Solutions faculty advisor, Daniel Siew said, “It was an exciting and enjoyable ABCC 2022 because of the excellent partnership between StraitsX and Business Solutions. The case on the digital asset of stablecoin was most relevant and challenging for the participating teams amid what has been happening in the cryptocurrency markets recently. We hope that not only the participants but also StraitsX and Business Solutions have gained valuable insights in organising this year’s event.”

About StraitsX

StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and is part of the Fazz’s ecosystem of financial services which powers business banking in Southeast Asia. StraitsX offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

About Business Solutions

Business Solutions is a student-driven initiative which seeks to promote the business case culture at the Nanyang Business School (NBS). We train our members in the analysis of real-world business problems, presented in a case study format. Business Solutions is supported by NBS and its faculty. Since 2005, Business Solutions has organised multiple case-related events including the annual Singapore Business Case Competition (SBCC) and the international Asian Business Case Competition (ABCC). The club also represents NTU in various international case competitions. Business Solutions promotes a culture of excellence, regularly securing top three positions in prestigious competitions in Asia, Europe and North America.

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