Xfers’s Digital Assets Platform StraitsX Rebrands, Hits SGD 2 Billion in Transactions
by Fintech News Singapore October 11, 2021StraitsX, a Southeast Asian digital assets platform developed by Xfers, announced that it has surpassed the SGD 2 billion mark in digital assets-related transactions on its payment platform in 2021 and will be rebranding its platform.
The new StraitsX platform features a redesigned and streamlined user interface to enable faster and more efficient navigation.
The StraitsX platform enables individual users to transfer, mint and redeem XSGD with a connected bank account, in addition to spending their XSGD with various digital asset platforms.
Businesses can also leverage APIs to collect, disburse and reconcile funds from their end-users.
StraitsX said that it currently supports over 10 digital asset platforms in Singapore through its API solution.
In October 2020, StraitsX launched its stablecoin – the StraitsX Singapore Dollar (XSGD), a digital token available on the Ethereum and Zilliqa blockchain that is backed one-for-one by the Singapore dollar.
In March this year, Xfers received an investment of US$30 million from Indonesian fintech startup PAYFAZZ to form a new financial entity called Fazz Financial Group (FFG). Both entities retained their respective names whilst operating under the new financial entity called Fazz Financial Group (FFG).
Recently, Xfers was shortlisted in the MAS Global CBDC Challenge together with its partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies.
StraitsX is a Singapore-based fintech licensed by the Monetary Authority of Singapore (MAS) for e-money issuance.
Aymeric Salley
Aymeric Salley, Head of StraitsX, said,
“The growth in transactions shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns.
Meanwhile, central banks around the world are examining the potential benefits of digital and decentralised financial systems.”
Featured image: Edited from Unsplash
