Cryptocurrency payments provider TripleA announced today (November 30) that it has been granted a licence from the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) services in Singapore under the Payment Services Act (PSA).
The licence will allow the company to provide end-to-end cryptocurrency payment services for businesses, including crypto payments gateway for e-commerce, crypto payouts and crypto remittances.
TripleA is the fourth in Singapore to receive the DPT license, after Singapore-based fintech firm Fomo Pay, Australian cryptocurrency exchange Independent Reserve, and local bank DBS’ brokerage arm DBS Vickers.
MAS has received 170 licence applications from DPT providers including global crypto exchanges such as Coinbase and Kraken. 30 applications were withdrawn after engagement with MAS and two have been rejected.
Founded by Eric Barbier in 2017, TripleA offers crypto payment services, including white-label crypto trading to financial platforms.
The Singapore-based company aims to revolutionise how businesses and customers are connected through blockchain technology and cryptocurrency solutions. It allows online and offline businesses to accept cryptocurrency payments with zero price volatility risk by converting them to local currencies in real-time.
With its easy setup, its highly competitive exchange rate and its no-chargebacks payment system, TripleA helps businesses to increase their revenue by accessing their growing cryptocurrency community of over 300 million global users.
Earlier in October, TripleA partnered with Asia’s leading super app Grab to allow users to buy crypto via GrabPay through TransCrypt (a TripleA brand) following the growing interest in cryptocurrencies.
“Cryptocurrency trading has gained traction in Singapore, with crypto adoption of around 9.4 per cent of its population. We are very excited to partner with Grab to power crypto trading through TransCrypt. This collaboration will allow us to expand cryptocurrency access to more residents in Singapore,” said Eric, CEO of TripleA.
TripleA currently operates in Singapore with a presence in Hong Kong and Europe, and is quickly expanding worldwide.
Featured Image Credit: TripleA / Central Banking