Coinbase Business launches in Singapore to reshape payments with USDC
Coinbase has launched 'Coinbase Business' in Singapore, marking its first international expansion outside the US. This platform targets startups and small businesses, offering features such as USDC payments, crypto asset management, and financial workflow automation, with benefits like instant settlement and low fees. The launch is supported by Standard Chartered, facilitating Singapore dollar transfers and other services. Additionally, Coinbase was granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) in October 2023 to expand its services in the region. The company is also participating in the MAS BLOOM program to advance tokenized asset settlement capabilities.
Coinbase Business Launches Internationally
Coinbase Business, the new business platform from major US crypto exchange Coinbase, has launched in Singapore, marking the company’s first international expansion. After its initial introduction in June, Coinbase has now rolled out the platform in Singapore as its inaugural market outside of the United States. This move demonstrates the company’s ambition to provide crypto-based solutions beyond the US market.
Targeting Startups and Small Businesses
The platform is designed to cater to startups and small businesses, offering an all-in-one crypto operating platform. Coinbase Business allows users to send and receive payments using Coinbase-backed stablecoin USDC (USDC), manage crypto assets, and automate their financial workflows. According to Coinbase, the platform leverages the speed and stability of digital dollars like USDC to provide instant settlement, minimal fees, and zero chargebacks, enabling seamless and secure transactions for businesses.
Strategic Partnership with Standard Chartered
Coinbase is collaborating with Standard Chartered, its local banking partner, to roll out its services in Singapore. This partnership ensures that Coinbase Business supports Singapore dollar transfers for both retail and business clients. With this cooperation, Coinbase Business offers a suite of tools including:
- Crypto trading
- Global payouts
- Payment links with a 1% transaction fee
- Asset management with rewards on USDC holdings
Collaboration with the Monetary Authority of Singapore (MAS)
Coinbase Business’s launch in Singapore builds on the company’s longstanding collaboration with the Monetary Authority of Singapore (MAS). In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, enabling Coinbase to expand its digital payment token services to both retail and institutional clients in Singapore. This development highlights Coinbase's commitment to operating within regulated frameworks.
Participation in the MAS BLOOM Program
Last month, Coinbase announced its participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) program. This initiative aims to enhance financial settlement capabilities by enabling the use of tokenized bank liabilities and regulated stablecoins. Coinbase emphasized that this collaboration demonstrates its efforts to build compliant infrastructure for the next era of global finance.