StraitsX and Grab pilot use of Purpose Bound Money during Singapore Fintech Festival 2022
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Tuesday, November 1, 2022
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Singapore, Nov. 01, 2022 (GLOBE NEWSWIRE) -- StraitsX , a part of Southeast Asia Digital Financial Services Group, Fazz , and Grab, a leading superapp in Southeast Asia, today announced they will be testing the issuance of Purpose Bound Money (PBM) in the form of commercial digital vouchers during the Singapore Fintech Festival (SFF) 2022.
Key Points:
- Singapore, Nov. 01, 2022 (GLOBE NEWSWIRE) -- StraitsX , a part of Southeast Asia Digital Financial Services Group, Fazz , and Grab, a leading superapp in Southeast Asia, today announced they will be testing the issuance of Purpose Bound Money (PBM) in the form of commercial digital vouchers during the Singapore Fintech Festival (SFF) 2022.
- GrabPay, Grabs payment service, is working with StraitsX and digital currency payment gateway TripleA to support the last-mile settlement of PBM.
- Building on the work StraitsX has done with the Singapore dollar stablecoin, XSGD, the issuance of PBMs further demonstrates how blockchain technology and stablecoins can be applied in real-world scenarios.
- PBM is explored as part of Project Orchid, building upon the concept and capabilities of both programmable payment and programmable money.