StraitsX Partners with Industry Leaders to Pilot Real-World Stablecoin Use Cases at Singapore Fintech Festival 2022 | Taiwan News

Through real-world use case applications with IDEMIA on Hedera, Mastercard, and Carbonseed.Earth, StraitsX provides insight into the benefits stablecoins can bring to commerce and commerce

SINGAPORE – Media OutReach – November 3, 2022 – StraitsX, a major payment institution licensed by the Monetary Authority of Singapore (MAS), today announced that it will be piloting a series of stablecoin applications at the Singapore Fintech Festival (SFF) 2022, which aims to showcase the applications of real use cases of stablecoins and the benefits for exchanges and commerce.

Through collaborations with partners such as IDEMIA, HBAR Foundation, Mastercard, and Carbonseed.Earth, StraitsX has focused on five key benefits of stablecoins: increasing payment efficiency, on-chain and offline programmability offering the interoperability, stimulate financial inclusion and enable sustainable and energy development. efficient operations.

“The digital asset landscape has evolved and is gaining momentum as more companies recognize the benefits of blockchain technology, but there is still untapped potential when it comes to using stablecoins like means of payment in real use case applications. These applications demonstrate how stablecoins can bring more innovation and we are excited to collaborate with industry leaders to explore in depth the benefits of stablecoins to show the viability of using stablecoins in commercial applications such as B2B settlement, offline payments, and sustainability. Aymeric Salley, head of StraitsX.

As part of the stablecoin showcase, StraitsX highlighted three different real-world use case applications with its key partners, which leverage its Singapore dollar stablecoin, XSGD, as a means of payment:

Fostering financial inclusion with IDEMIA on Hedera

To alleviate the issue of unequal access to digital currencies and payments resulting from network and geographic limitations, StraitsX has partnered with IDEMIA, a leading solution provider in identity technologies to leverage the Hedera decentralized ledger, allowing users to transact stablecoins offline. This is powered by IDEMIA’s payment cards and phone-integrated offline payment capabilities that allow users and merchants to transact offline securely. Merchants will then be able to leverage Hedera’s distributed network to receive payments and settle remittances.

This app will not only reduce merchant fees, but also promote financial inclusion by allowing users with limited network access to transact with stablecoins.

“At IDEMIA, we firmly believe that stablecoins are redefining the very fundamentals of the payment ecosystem. We are proud that our ability to innovate has enabled stablecoin payments by leveraging our F.CODE biometric card technology. once again that IDEMIA’s secure offline payment solution has become the de facto standard for stablecoin payments.” said Romain Zanolo, Managing Director APAC at IDEMIA.

“We are thrilled to partner with industry leaders StraitsX and Idemia to help drive financial inclusion in APAC. StraitsX’s upcoming native XSGD stablecoin has been combined with Idemia’s secure offline payment system powered by Hedera smart contracts, to provide a resilient, cost-effective solution, and an energy-efficient alternative to existing digital payment systems. We believe the solution is well-suited to meet the needs of the region.” said Sabrina Tachdjian, Head of Fintech & Payments at the HBAR Foundation.

Activation of XSGD B2B payment with Mastercard

StraitsX and Mastercard, a global payment technology solution, have partnered to enable Mastercard’s crypto partners to use XSGD to facilitate business-to-business settlements.

The current settlement process for crypto card partners is cumbersome and costly due to the requirement to convert crypto to fiat, which places liquidity and operational constraints on card partners. This pilot aims to bridge the digital assets spent by cardholders with the fiat currencies needed to settle with merchants, reducing friction and achieving greater operational efficiency.

“Building on the success of our stablecoin pilots in the US and UK, we are excited to partner with StraitsX to continue pushing the boundaries of digital asset innovation and exploring the real benefits of stablecoins. Piloting a stablecoin settlement application using XSGD marks a significant step forward for our businesses in the APAC region.” said Ashok Venkateshwaran, Vice President of Digital Assets at Mastercard.

Spearheading sustainability in the region with Carbonseed.Earth

To contribute to the larger cause of sustainability, StraitsX has collaborated with Carbonseed.Earth, which builds an incubation infrastructure for carbon projects. This incubation infrastructure leverages stablecoin and IoT technology to enable early stage funding of quality carbon projects by issuing tokenized carbon credits, purchased through XSGD and held in blockchain wallets.

Using Carbonseed.Earth’s monitoring and verification solutions and blockchain wallets to facilitate stablecoin and carbon credit transactions, the app improves price discovery transparency and solves the problem of double counting through smart contract technology. On a larger scale, the app also helps facilitate efficient cross-border value transfers involving tokenized carbon credits.

“CarbonSeed.Earth aims to be the one-stop management platform for companies to go green with hassle-free carbon finance, with services ranging from simple project origination and monitoring, reporting and verification ( MRV) to Market Funding Building on XSGD, we can enable greater transparency, accountability and visibility using the concepts of Purpose Bound Money (PBM) to verify sources of funds and automated verification of steps to unlock payments and rewarding companies as they embark on their green transformation journey.” said Mike Sun, VP Product, CarbonSeed.Earth.

Hashtag: #StraitsX

The issuer is solely responsible for the content of this announcement.

About StraitsX

StraitsX is the pioneering payment infrastructure for the Southeast Asian digital asset space. StraitsX is a major payment institution licensed by the Monetary Authority of Singapore and part of the Fazz financial services ecosystem that powers business banking services in Southeast Asia. StraitsX offers personal and business account holders to mint and trade StraitsX stablecoins, manage payments, and connect their accounts to digital asset platforms. Business accounts can also access B2B API compatible payment rails for digital asset platforms.

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