Standard Chartered Backs Stablecoin Credit Card Launch in Singapore

• Standard Chartered partners with DeCard to enable stablecoin card payments.

• DCS Card Centre brings decades of card issuing expertise to the Web3-focused launch.

Standard Chartered has established itself as the main banking collaborator with DeCard, the newly launched credit card that allows customers to utilize stablecoins for day-to-day purchases. The partnership with DCS Card Centre is a key milestone in making digital assets accessible within traditional payment networks for mass-market consumers globally.

Bridging Digital and Traditional Finance

DeCard will launch in Singapore before coming to other major markets worldwide in the next few months. Singapore has a history of being a supportive regulatory environment for innovation in digital payment technology. 

The main goal of DeCard is to simplify stablecoin payments until the utility of it resembles that of a debit/credit card when consumers spend on active merchants. DeCard goes beyond whether there is an actual peak or trough in a cryptocurrency price, as well as a complicated conversion, when shopping at participating merchants around the world. 

Standard Chartered Bank will provide virtual account services and the application programming interface connectivity to DCS for all payment processing and reconciliation. This technology will allow all transactions to be instant, provide added visibility on each transaction, and provide certainty to all parties involved in each purchase processed in the DeCard payment system.

According to Dhiraj Bajaj, who leads global transaction banking financial institution sales at Standard Chartered, the bank is well-positioned in this area. The bank’s platform investments enable it to be an effective assured intermediary between traditional finance and decentralized finance ecosystems.

DCS Card Centre leverages over fifty years’ worth of card issuing experience in this partnership, having transitioned away from its beginnings as Diners Club Singapore. The company has transformed into a next-generation global payments provider that is focused on providing secure and compliant solutions for the Web3 era.

This collaboration showcases increasing institutional confidence in stablecoin technology as a legitimate payment option for common commercial transactions as opposed to speculation. By leveraging Standard Chartered’s established banking framework, DeCard aims to assist consumers in accessing digital asset spending options while using payment methods they are familiar and comfortable with.

This initiative serves as a reflection of general industry patterns of providing blockchain-based payment solutions within existing financial networks to create faster, more efficient mechanisms for payments across the globe.

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