Coinbase Business launches in Singapore to reshape payments with USDC

Coinbase Business, a new business platform from major US crypto exchange Coinbase, has launched in Singapore, marking the company’s first international expansion.

After introducing Coinbase Business in June, Coinbase has rolled out the platform in Singapore as its first international market outside of the US, the company announced on Wednesday.

Targeting startups and small businesses, Coinbase Business provides an “all-in-one crypto operating platform” that allows users to send and receive payments in Coinbase-backed stablecoin USDC (USDC), manage crypto assets and automate financial workflows.

“By leveraging the speed and stability of digital dollars like USDC, we offer businesses a platform that enables seamless and secure trading, with instant settlement, minimal fees, and zero chargebacks,” the company said.

Strategic cooperation with Standard Chartered

Coinbase is rolling out the service in cooperation with Standard Chartered, its local banking partner, to enable Singapore dollar transfers for both retail and business clients.

With Standard Chartered’s support, Coinbase Business provides Singapore businesses with a suite of tools, including crypto trading, global payouts, payment links with a 1% transaction fee and asset management with rewards on USDC holdings.

Coinbase Business’s launch in Singapore builds on Coinbase’s long-standing collaboration with the Monetary Authority of Singapore (MAS), the country’s financial regulator.

In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to both individual and institutional clients in Singapore.

Related: Coinbase debuts token sale platform with Monad launch

Last month, Coinbase announced participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) program, which aims to expand financial settlement capabilities by enabling the use of tokenized bank liabilities and regulated stablecoins.

“This collaboration with the MAS demonstrates how we are actively working to build the regulated, compliant infrastructure that underpins the next era of finance,” Coinbase noted.