Standard Chartered has announced a partnership with DCS Card Center to support DeCard, a credit card that enables real-world stablecoin spending. The partnership will first launch in Singapore and then expand into other key markets.
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Standard Chartered-DCS Partnership
The partnership will see Standard Chartered provide comprehensive transaction banking and financial markets services to support DeCard’s user base. This includes cardholder top-up processing, account management, and stablecoin and fiat settlements. The partnership will initially launch in Singapore before expanding into other key markets. According to the statement, Standard Chartered’s virtual account and API connectivity will allow DCS to identify and reconcile DeCard cardholder payments across channels.
“Through this partnership, Standard Chartered will provide transaction banking and financial markets services to support DeCard’s growing user base in Singapore, covering cardholder top-up processing, account management, as well as fiat and stablecoin settlements.”
Growing Demand For Regulated Digital Asset Payment Solutions
According to Standard Chartered’s statement, demand for regulated digital asset payment solutions is witnessing consistent growth. The partnership highlights the growing need for payment solutions that can deliver speed, transparency, and cost efficiency, helping bridge the gap between traditional banking and digital assets. Dhiraj Bajaj, Global Head of TB FI Sales at Standard Chartered, stated,
“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.”
Joan Han, Chief Commercial Officer at DCS, believes Standard Chartered’s banking expertise will allow DCS to make secure, transparent, and efficient stablecoin payments mainstream.
“We’re thrilled to partner with Standard Chartered, a globally recognised and trusted financial institution, to power the next chapter of DeCard’s growth. Their 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.”
A Hub For Regulated Crypto Assets
DeCard allows users to spend stablecoins like traditional credit cards while also managing balances and repayments through its D-Vault account system. Singapore has successfully positioned itself as a hub for regulated crypto assets. It has also implemented a regulatory framework for stablecoins. According to the Monetary Authority of Singapore, stablecoins are “digital payment tokens” under the Payment Services Act. It has also introduced a separate framework for single-currency stablecoins pegged to the Singapore Dollar and other major currencies.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.