Merchants will get Web3 wallets for fast payments, programmable settlement, and easier cash flow management.
Grab, Southeast Asia’s largest super-app, and StraitsX, a Singapore-based stablecoin company, have signed a memorandum of understanding (MOU) to explore a Web3 payments system across Asia.
The MOU focuses on two main things. First, a Web3 wallet will be added inside the Grab app. Second, a stablecoin payment system will be built to help people and businesses pay and receive money faster and cheaper. StraitsX will help with the technical work so that the payment processing, as well as settlement, can happen safely using smart contracts.
If the regulators approve, Grab users may hold and use StraitsX stablecoins such as XSGD and XUSD. Users could also convert from regular currency to stablecoins and back through the app. This service is expected to make cross-border payments easy in countries like Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Cambodia, and Myanmar.
Merchants will receive wallets that work with Web3, that can handle fast payments, programmable settlement, and treasury management. It could lower fees compared to using cards and solve problems with cash flow.
“Southeast Asia is one of the world’s fastest-growing digital economies, but payments remain fragmented and costly. By uniting Grab’s scale with StraitsX’s infrastructure, we can deliver a faster, cheaper, and compliant financial network,” said Tianwei Liu, Co-Founder and CEO of StraitsX, in the press release.
Grab has prior experience with stablecoins and blockchain technology. In 2023, the firm worked with Circle, a USDC stablecoin issuer, to test Web3 features in Singapore to let users create blockchain wallets, earn rewards, and use NFT vouchers. In 2024, Grab allowed users to top up their GrabPay wallets using crypto and stablecoins. It also partnered with Natix in May 2024 to combine blockchain mapping with Grab’s camera and map technology.
This new MOU is a step for Grab into the stablecoin and blockchain market. Instead of just testing, the company is looking for a main stablecoin system that could power payments in all its markets. Kell Jay Lim, Head of Grab Financial, said, “Grab sees potential for Web3 technologies to improve cross-border retail payments while providing a familiar experience for users.”
The project will take into account regulatory requirements, including anti-money laundering and terrorism-financing measures, to ensure secure and compliant adoption.If implemented, the system could create a single interoperable settlement layer that could replace the region’s fragmented, costly cross-border payment systems.
