Coinbase enables local bank transfers in Singapore
Coinbase has updated its retail platform in Singapore to reflect a new strategic banking partnership with Standard Chartered that enables customers to move funds to and from accounts via local banks.
Coinbase customers in Singapore now can easily cash in or cash out of their exchange accounts using bank transfers for free. The move provides users with more flexibility and control over their assets as they were previously forced to use debit or credit cards to transact with Coinbase.
The Nasdaq-listed crypto exchange operator has also integrated with Singpass, Singapore’s national digital identity (NDI). The scheme provides a convenient and secure platform for users to transact with government agencies and 700 private sector organisations. The suite of its services includes a simple “2-click” experience that Singaporeans are accustomed to using across their apps, making it even easier for Coinbase to onboard them to the platform.
“As we prepare to ramp up our international expansion over the next 8 weeks, we are thrilled to begin this journey in Singapore. Our upgraded retail platform, in addition to our new strategic banking partnership with Standard Chartered, aims to provide you with a seamless, safe, and convenient experience when trading digital assets,” the statement reads.
Back in October, Coinbase was handed in-principle approval from Singapore regulators to operate fully regulated cryptocurrency services in the country.
The IPA licence allows the firm to provide digital payment token services under the Major Payment Institution (MPI) licence. Less than 20 MPI-licensed firms are approved by the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), to offer crypto services.
Using the specific terms of the Singaporean framework, Coinbase is approved, in principle, for receipt of a license that allows it to provide Digital Payment Token Services.
Hassan Ahmed, CEO of Coinbase Singapore and the exchanges’ regional director said the Southeast Asia is a “crypto-forward region with a lot of demand for holding and using crypto in markets such as the Philippines and Indonesia, as well as a hotbed of innovation for trends like Web3 gaming such as Vietnam”.
Alongside its US authorisation, Coinbase also holds licenses from Italy, the Netherlands, Ireland and Germany, as well as the UK Financial Conduct Authority to operate a multilateral trading facility (MTF). Additional registrations or license applications are in progress in several major markets, in compliance with local regulations.