Coinbase has announced that clients in Singapore may now transfer money for free between their Coinbase accounts and any local Singaporean bank.
Coinbase announcement: “As Singapore aims to become a global crypto and blockchain hub, we are committed to supporting these ambitions and bringing the best product experience to the Singapore market.”
In the past, users could only buy or sell cryptocurrency using a Visa or Mastercard debit or credit card, or move cryptocurrency into and out of their Coinbase accounts.
The program is a part of Coinbase’s ambition for global development, according to Hassan Ahmed, country director for Coinbase Singapore.
For this new endeavor, Coinbase collaborated with Standard Chartered in Singapore. Users in Singapore may utilize this service since Standard Chartered will offer connection to on- and off-ramp their money.
Customers will be able to make and receive payments in real-time thanks to this partnership, according to Ankur Kanwar, head of cash products at Standard Chartered for Singapore and Asean. It will also allow the exchange to automatically reconcile client accounts.
In accordance with the Payment Services Act, Coinbase received regulatory license in Singapore in October to provide services there. Ahmed acknowledged Singapore’s importance as an institutional market for the Asian exchange.
Compiled by Coinbold