Crypto.com expands fiat currency capabilities in Singapore

Crypto.com has announced the addition of DBS-backed banking 'rails' to enable SGD and USD deposits and withdrawals for its Singapore users.

The company said that the arrangement with DBS, Southeast Asia’s largest bank by assets, provides an additional set of banking rails and the ability to create client money accounts.

It added that the setup will allow faster transfers of SGD and USD to and from the Crypto.com App, and operations under the Monetary Authority of Singapore (MAS) framework, which complements an existing partnership with Standard Chartered Bank.

“Introducing new deposit and withdrawal capabilities in Singapore underscores our commitment to offering secure and regulated fiat payment solutions,” said Karl Mohan, EVP, Financial Services, General Manager International of Crypto.com.

He said the change will enhance the Crypto.com App experience for Singapore customers and make it easier for them to interact with the platform’s products and services.

“Singapore is our headquarters and a critical hub for our growth strategy.

Working with the country’s largest bank, DBS, allows us to expand our provision of seamless SGD and USD transfers for our users,” said Chin Tah Ang, General Manager Singapore of Crypto.com.

The company said deposits and withdrawals are already supported today and that the DBS arrangement adds accessibility and functionality in line with MAS regulations.

The Recap

• Crypto.com adds DBS-backed deposit and withdrawal rails in Singapore.
• Platform now supports deposits and withdrawals in SGD and USD.
• DBS will host client money accounts for faster SGD and USD transfers.