Web3 Payment: 5 FinTechs pioneering Singapore’s financial landscape

By Gloria Mathias

Web3 is reshaping the financial landscape by enabling decentralised and trustless systems, particularly in the payments space. In Singapore, a global FinTech hub, many companies are at the forefront of integrating Web3 technologies to revolutionise the way payments are made.

Web3 payments are transactions that leverage decentralised technologies like blockchain, operating without the need for traditional intermediaries such as banks or payment processors. Unlike conventional digital payments in Singapore, which rely on centralised systems like banks or platforms (e.g. PayNow or PayPal), Web3 payments are conducted peer-to-peer on blockchain networks. These payments use cryptocurrencies or stablecoins, providing an alternative to the fiat currency (SGD) typically used in digital payments.

A key difference is decentralisation; in Web3, transactions are verified by a distributed network of nodes, ensuring greater transparency and reducing reliance on central authorities. This contrasts with digital payments, where banks or financial institutions oversee the entire process. Web3 payments also enable access to decentralised finance (DeFi) services, allowing users to engage in financial activities, such as lending or earning interest, without intermediaries. In Singapore, this distinction is paving the way for a more open, secure, and inclusive financial system.

Listed below are 5 Singaporean FinTechs offering Web3 payment solutions: 

• Bake

Bake provides users with decentralised financial services, including payment solutions, staking, and yield farming. By integrating with Web3 payment systems, it offers a way to earn returns on crypto holdings while facilitating payments on the blockchain. Cake DeFi not only facilitates decentralised payments but also provides users with a way to grow their wealth through DeFi protocols integrated with Web3 technology.

• Crypto.com

Crypto.com is well-known for its crypto payment gateway and digital wallet services in Singapore, which allow users to pay with cryptocurrencies at merchants worldwide. Their Web3 solution provides instant settlements and low transaction fees, using decentralised blockchain technology for enhanced security. Crypto.com’s Web3 payment platform brings convenience to crypto users and businesses by offering secure and fast transactions with a vast acceptance network.

• DeFiChain

DeFiChain is a decentralised blockchain platform focused on Web3 payments, enabling fast and secure transactions without intermediaries. It facilitates lending, borrowing, and liquidity provision through smart contracts, ensuring transparency and cost-effectiveness. By integrating with Bitcoin, it enhances security while democratising financial services for all users.

• Matrixport

Matrixport provides a range of Web3 financial services, including crypto payments, custodial services, and trading options. By integrating decentralised finance (DeFi) with traditional finance (TradFi), Matrixport enables businesses and consumers to process payments securely through blockchain technology. Matrixport is creating a bridge between digital assets and traditional financial systems, facilitating the seamless movement of funds using crypto.

• Xfers

Founded in 2015, Xfers aims to accelerate financial access within Southeast Asia by enabling businesses to accept payments and send money. Xfers boasts a range of last-mile financial rails, including the Xfers Send, Xfers Accept, Xfers Wallet, and StraitsX. In Singapore, Xfers is a Major Payment Institution licensed by the Monetary Authority of Singapore for eMoney issuance. Xfers has evolved its payment infrastructure to include Web3 solutions, offering businesses a way to accept and process payments using blockchain technology.