Standard Chartered Partners with DCS to Launch Stablecoin-Powered Credit Card in Singapore
Standard Chartered has with DCS Card Centre to introduce DeCard, a pioneering credit card that enables Singapore residents to spend stablecoins directly at participating stores.
Standard Chartered will be the leading banking partner, providing the necessary infrastructure to allow cardholders to make smooth and secure transactions every day. This includes transaction banking, top-up services, account management, and complete settlements.
DCS used to be Diners Club Singapore, which was a leader in Singapore’s payment card sector. Now, they are changing their network to embrace financial innovations. The financial markets section of Standard Chartered also handles liquidity and foreign platform hedging for the new product. Virtual accounts and API connections make payments more transparent and speed up reconciliation.
How DeCard Combines Crypto and Traditional Finance
DeCard’s introduction is a first for Singapore. It allows customers to make point-of-sale purchases at any store that accepts major credit cards, utilizing stablecoins as the payment method. Payments with don’t have the delays or conversion issues that are common with other types of payments. Settlements for both fiat and digital currencies happen rapidly behind the scenes.
The card aims to make spending stablecoins as simple as using a standard credit card by serving as a bridge between the controlled world of traditional banking and the rapidly evolving world of digital assets.
DCS provides a secure and compliant foundation, while ‘s infrastructure offers speed, robust reconciliation, and access to all payments.
Singapore as a Centre for New Ideas in Digital Assets
The pilot rollout begins in Singapore, which has a robust fintech policy environment and a that encompasses stablecoin regulation. Regulators have pushed for innovative ideas in fintech and banking while maintaining strict rules to secureguard consumers and monitor payments.
The DeCard project is poised to expand into additional foreign markets as more people viewk ways to pay using digital assets.
Dhiraj Bajaj, Standard Chartered’s Global Head of TB FI Sales, stated that the relationship demonstrates the bank’s ongoing commitment to supporting creative fintech partners and assisting clients navigate the rapidly evolving world of digital assets.
Joan Han, the Chief Commercial Officer of DCS, stated that the card will establish a new standard for securely, efficiently, and responsibly utilizing digital assets in everyday life.
Outlook: Bringing Crypto and Business Together
The launch of the DeCard stablecoin-powered credit card is likely to accelerate the adoption of blockchain-based payments in and other regions.
Standard Chartered and DCS aim to establish a benchmark for future industry breakthroughs by utilizing regulated digital assets in real-world consumer payments. They also want to bring decentralised finance and the conventional payments ecosystem closer together.
