Grab and StraitsX have entered into a memorandum of understanding (MOU) for exploring the Web3-enabled payments infrastructure development across Asia.
The collaboration focuses on integrating digital asset wallets and stablecoin settlement into daily consumer transactions, with the aim of establishing a Web3-connected wallet within the Grab application (app) and a payment network based on stablecoin for secure clearing and settlement in participating nations.
Under the agreement, StraitsX will provide technical support for the Web3 wallet development within the Grab platform.
The goal is to enable compliant custodial and programmable functionalities that facilitate payment processing, clearing, as well as settlement through smart contracts.
The partnership will address both technical and regulatory needs for equipping merchants with wallets that are compatible with Web3.
These wallets will be integrated with current Web2 payment systems as well as Web3 settlement mechanisms.
The proposed system aims to allow GrabPay merchants in key Asian markets to accept stablecoin payments from domestic and global consumers using Web3 wallets.
Consideration of anti-money laundering and counter-terrorism financing measures is a core component of the collaboration.
The partners intend to ensure that risks associated with new payment technologies are appropriately managed, given the evolving nature of financial crime typologies.
If regulatory conditions are met, users of Grab may gain the ability to hold and use stablecoins such as StraitsX’s XSGD (digital Singapore Dollar) and XUSD (digital US Dollar) for enterprise-grade, cross-border settlement.
Users may also have the option of converting between fiat currencies and stablecoins within the app.
Grab Financial head Kell Jay Lim said: “Grab sees potential for Web3 technologies to improve cross-border retail payments while providing a familiar experience for users.
“We look forward to working with StraitsX to bring their capabilities and expertise to bear in solving these problems for our consumers and merchants.”
According to Grab, the new Web3-enabled payment layer is designed to address inefficiencies in the regional payments landscape by improving connectivity across Asia.
It will enable users to conduct cross-border transactions with real-time, foreign exchange-transparent settlement.
For merchants, the integration will introduce programmable settlement features and on-chain treasury management tools, which are intended to improve liquidity and capital management. The Web3-enabled payment network will function as a single-time integration layer, replacing nation-specific and method-specific systems with one interoperable framework.
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