As the financial center of Southeast Asia, Singapore’s financial policies have a global impact…
August 18, 2020 —
As the financial center of Southeast Asia, Singapore’s financial policies have a global impact. Earlier this year, the Monetary Authority of Singapore (MAS) issued the “Payment Services Act”, making the country one of the few to have clear regulations on digital currency, subsequently attracting over a thousand companies from all over the world.
After screening more than a thousand license applications, MAS finally granted specific exemptions to eligible applicants in Singapore such as DCBOX, Alipay, WeChat Pay, Amazon, and Huobi. These companies can continue providing specific payment services during the exemption period, including account issuance services, domestic remittances, cross-border remittances, merchant acquisition, and digital currency issuance.
Among the exempted companies, digital currency services account for roughly 40% of the total exemptions. Such a high proportion makes the benchmarks regarding license issuance the subject of much speculation and highlights the impact of digital currency on traditional finance. As an open payment and financial platform built on blockchain technology, DCBOX is exempted from licensing requirements by Singapore regulators along with traditional financial payment institutions such as Alipay, WeChat Pay, and Amazon. This exemption is a huge boon for blockchain users and draws attention to inclusive finance and the free payment concept advocated by DCBOX and other blockchain platforms.
DCBOX is a crypto wallet developed in Singapore. The team comes from various countries in Southeast Asia and beyond and is attempting to bring financial services to underdeveloped areas in Southeast Asia which have limited access to traditional financial services such as banking and cannot use mobile payments. The DCBOX team set out to build an open payment financial platform with blockchain so that more people can use digital currency to make legally compliant and barrier-free payments without a bank account, with the aim of reaching every corner of the world.
The concept of inclusive finance and free payment separates DCBOX from other traditional blockchain wallets. DCBOX onboarding requires a few clicks and a phone number to easily pay and transfer. There is no need to manage complicated wallet addresses or auxiliary word keys. DCBOX breaks the mold by bringing the convenience of Alipay and WeChat Pay to blockchain wallets.
DCBOX is committed to becoming the “blockchain version of Alipay” under Singapore’s Payment Services Act and heralding a new dawn of development in the world financial landscape.
Release ID: 88973364