5 FinTechs driving the Crypto Payments wave in Singapore

By Gloria Mathias

As one of Asia’s financial hubs, Singapore has quickly embraced cryptocurrencies’ potential in its evolving payment landscape. With the government fostering innovation through progressive regulations and the Monetary Authority of Singapore (MAS) actively encouraging blockchain solutions, crypto payments are gradually gaining traction in the country. Businesses and consumers alike are increasingly recognising the advantages of speed, cost-efficiency, and security that cryptocurrencies bring to the table. From large enterprises to everyday transactions, the rise of digital currencies is shaping Singapore’s financial ecosystem.

With consumers increasingly opting for new payment methods that are simple yet secure, cryptocurrencies are rapidly becoming popular worldwide. Businesses are under pressure to adapt to this change and enable more options at the point of purchase, but these businesses, for the most part, need the support of their payment service providers.

A cryptocurrency payment service provider would act as an intermediary between the payer and the receiver for processing the cryptocurrency payments, allowing merchants to accept payments in cryptocurrencies both online and at physical locations. The service provider takes care of the complex backend workflow of crypto payments and offers buyers and sellers a seamless payment service.

Listed below are 5 FinTechs offering crypto payments in Singapore: 

• Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings, including On & Off Ramp, Crypto Card, Web3 Digital Bank, NFT Checkout, and Crypto Payments, Alchemy Pay supports payments in 173 countries. The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending.

• dtcpay

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow revenues with increased acceptance rates across fiat and cryptocurrency. Its client’s customers benefit from frictionless payment experiences, whether they are using our award-winning POS+ terminal in-store or using our online checkout solution. Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) and offers Digital Payment token (DPT) services.

• MugglePay

MugglePay, founded in 2019, is a crypto payment service provider headquartered in Singapore. It provides an SDK to help merchants accept crypto and is a member of the Singapore FinTech Association. It has already assisted over 14,000 global merchants in accepting cryptocurrencies and processed more than 1 million orders. In 2023, it became the world’s first payment gateway to support Web3 logins.

• Triple-A

Triple-A enables businesses to pay and receive payments in digital currencies anytime, anywhere, without touching them. From API to no-code integration, its frictionless, white-label digital currency payment solutions are designed to blend smoothly into your operations while upholding the highest standards of security and compliance. Triple-A empowers businesses to offer a new and more efficient way to send and receive payments to reach digital currency owners globally, boost revenue, and optimise costs.

• WSPN

WSPN is a global digital payments company that provides transparent, fast, and efficient digital payment solutions leveraging the latest technological advancements of Distributed Ledger Technology (DLT). It is committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimise secure and licensed digital payments for Web3 users. WSPN ‘s Stablecoin 2.0 approach prioritises user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.