Under the partnership, Standard Chartered’s virtual account and API connectivity will enable DCS – formerly Diners Club Singapore – to create virtual accounts for DeCard cardholders, allowing immediate identification and reconciliation of incoming payments across multiple channels.
Joan Han, chief commercial officer, DCS, says: “Standard Chartered’s banking expertise and robust infrastructure enable us to bring secure, transparent, and efficient stablecoin payments to the mainstream, setting a new benchmark for how digital assets can be used responsibly in everyday life.”
The initial collaboration is rolled out in Singapore, with expansion in other key markets to follow, he says.
Dhiraj Bajaj, global head of TB FI sales at Standard Chartered, comments: “This partnership is in line with our continued efforts to offer banking solutions for innovative fintech partners and is central to our strategy of supporting clients in navigating the evolving digital assets space. Our investments in our platforms, capabilities and solutions allow us to be the trusted banking partner bridging TradFi to DeFi.”
Standard Chartered has previous form in the stablecoin space, providing cash management and custody services for the reserve assets backing StraitsX’s stablecoins. In February, the bank also formed a joint venture partnership with Animoca Brands and HKT to issue a Hong Kong dollar-backed stablecoin.
