StraitsX is pleased to announce a collaboration with Ant International and Grab to look into the potential for Purpose Bound Money (PBM) to be applied to cross border payments. PBM is a protocol that specifies the conditions upon which an underlying digital currency can be used and first introduced by MAS as part of Project Orchid.
The in-principle approval from MAS as a Major Payment Institution licence holder for digital payment token services allows StraitsX to issue stablecoins that are intended to be substantively compliant with MAS’ upcoming stablecoin regulatory framework.
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 to be specified when making transfers in digital money.
StraitsX is exhibiting at Singapore Fintech Festival (SFF) 2023
USD bank transfer now available for all StraitsX Personal and Business accounts users
StraitsX, a part of Fazz, is pleased to be a part of industry trials to demonstrate a commercial application for Purpose Bound Money (PBM). This will come in the form of NFT vouchers loaded with underlying XSGD value for payment of goods and services at over 200 merchants outlets. These NFT vouchers are set to be used by over 20,000 users from 7 September 2023 to 31 December 2023.
We’re proud to announce that StraitsX will be a sponsor and exhibitor at TOKEN2049 Singapore, held from 13th – 14th September 2023, at Marina Bay Sands Expo and Convention Centre.
StraitsX is partnering with BasedApp to release a BasedApp XSGD-Linked Visa Debit Card
We’re proud to announce that StraitsX will be participating at Point Zero Forum 2023, slated to be held later this month from 26th - 28th June 2023 in Zurich, Switzerland.The Point Zero Forum is a Policy-Technology dialogue which will convene 1,000 central bankers, regulators and industry leaders from around the world in a series of leadership dialogues, public-private roundtables, workshops and n
XSGD is the first Southeast Asian fiat-backed stablecoin to launch on Hedera’s carbon negative network
We are excited to share that StraitsX Personal Account signups are now open to users beyond Singapore and Indonesia. Users across the globe will now have access to interact and transact in the world of stablecoins such as XSGD and USDC, across different DeFi protocols.
As we continue to monitor the situation, USDC services will remain paused to ensure the stability of our platform. There is no impact on XSGD reserves, StraitsX has no direct exposure to Silicon Valley Bank, Silvergate Bank or Signature Bank. XSGD remains 100% placed in cash reserves custodised in a licensed banking institution in Singapore. We provide monthly third party ISCA audited attestation