Key Highlights
- Coinbase Business launched in Singapore for startups and SMEs to trade crypto and settle payments in USDC and XSGD.
- The partnership with Standard Chartered enables real-time SGD bank transfers between wallets and accounts.
- It operates under the MAS Major Payment Institution (MPI) license, focusing on cross-border and stablecoin payments.
Leading cryptocurrency exchange Coinbase has launched Coinbase Business in Singapore, marking the platform’s first launch outside of the United States.
The service, pitched as an “all-in-one crypto operating platform,” is meant for startups and Small-to-Medium Businesses (SMBs), allowing them to trade cryptocurrencies and make digital payments. It also lets companies settle payments in stablecoins like USDC and XSGD, which are pegged to the U.S. dollar and Singapore dollar.
Bank partnership for real-time payments
Coinbase has tied up with Standard Chartered to support real-time transfers in Singapore dollars for both retail and business clients. The company said this will allow businesses to move funds instantly between bank accounts and crypto wallets, aiming to lower costs on international transfers and reduce the risk of chargebacks.
The service is open for early access applications from eligible firms registered in Singapore, as confirmed by Coinbase’s official announcement.
Regulatory license under the MAS
Coinbase runs its operations in Singapore under a Major Payment Institution (MPI) licence granted by the Monetary Authority of Singapore (MAS). The approval allows the company to offer Digital Payment Token (DPT) and cross-border money transfer services.
However, the existing license does not permit Coinbase for merchant acquisition or domestic money transfer services. In practical terms, this means the exchange cannot directly process card payments or handle local payment transactions for Singapore-based merchants.
As of now, 36 firms hold an MPI license for DPT services in Singapore. Coinbase’s entry adds another major international player to that list.
Software and API integration potential
Industry observers say the new platform could also serve as infrastructure for software providers, such as invoicing platforms or enterprise resource planning (ERP) systems. These providers could build plugins using Coinbase Business APIs to let small firms accept payments in stablecoins and automatically record them in their ledgers.
For this to work, developers will need access to Coinbase’s API documentation and must evaluate how stablecoin payments can reconcile with existing accounting systems.
In addition, Coinbase said the platform supports direct integration with accounting software such as QuickBooks and Xero, enabling automated reconciliation of crypto transactions. Businesses can also buy, sell, and exchange crypto directly from their Coinbase Business account, streamlining trading and payments in one place.
The company added that the onboarding process carries no application fee, and in some cases, approvals can be completed in as little as two days.
Part of broader digital asset work in Singapore
The launch follows Coinbase’s participation in the MAS BLOOM Initiative (Borderless, Liquid, Open, Online, Multi-currency), which focuses on advancing digital asset settlement in Singapore. BLOOM involves both regulators and private firms testing how blockchain-based payments can be used for trade and cross-border settlements.
While Coinbase Business aims to simplify international transactions, its current license limits how much it can do in local merchant payments. Analysts say its main utility, at least initially, may be for startups and exporters that deal in multiple currencies or work with overseas clients.
The company has not announced when full public access to Coinbase Business will open.
Also Read: Coinbase Challenges UK Banks with FSCS-Backed 3.75% Savings Rate
