Coinbase Business Launches in Singapore
Leading cryptocurrency exchange Coinbase has launched Coinbase Business in Singapore. This marks its first launch outside the United States. The platform targets startups and small to medium-sized businesses (SMBs). It enables them to trade cryptocurrencies and make digital payments. Companies can settle transactions using stablecoins such as USDC and XSGD, pegged to the US and Singapore dollars.
Partnership Enables Real-Time SGD Transfers
Coinbase has partnered with Standard Chartered to provide real-time Singapore dollar transfers. This service supports both retail and business clients. It allows instant fund transfers between bank accounts and crypto wallets. The goal is to cut costs on international transfers and reduce chargeback risks.
The service is available for early access applications to eligible businesses registered in Singapore. More details are available in Coinbase’s official announcement.
Regulation and Platform Integration
Coinbase operates under a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows it to offer digital payment token (DPT) and cross-border money transfer services. However, it does not cover merchant acquisition or domestic money transfers. Thus, Coinbase cannot process card payments or local transactions for Singapore merchants directly.
Currently, 36 firms hold MPI licenses for DPT services in Singapore. Coinbase adds a major international player to this list.
The platform supports integration with accounting software like QuickBooks and Xero. It also offers APIs for software developers to enable stablecoin payments and automate ledger entries. Businesses can buy, sell, and exchange crypto within their Coinbase Business accounts. The onboarding process has no application fee, with approvals sometimes completed in two days.
