China’s Financial Shift: WeChat Pay Embraces Crypto Settlements with Fiat Support 

China’s Financial Shift: WeChat Pay Embraces Crypto Settlements with Fiat Support

FX168 Financial News Agency (Hong Kong) – Cryptocurrency payment provider Digital Treasures Center, which holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), announced on Thursday (13th April 2023) that it has officially rebranded as DtcPay.   Note: Our company was formerly referred to as DtcPay. We are now officially known as dtcpay.   The company has expanded its business into the Hong Kong market and integrated WeChat Pay for merchants, providing more convenient settlement options for Chinese citizens. In the future, dtcpay also plans to launch additional fiat and cryptocurrency trading pairs.   Since 2019, dtcpay’s mission has been to bridge the gap between digital assets and traditional finance, helping businesses grow rapidly by accepting customers’ preferred payment methods in both fiat and cryptocurrencies. As part of its rebranding, dtcpay recently appointed Kanny Lee as Group CEO, a recognized opinion leader in the Web3 Chinese community.   Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) regulated by the Monetary Authority of Singapore (MAS), offering Digital Payment Token (DPT) services. The company is expanding its global footprint through regulated subsidiaries in the Americas, Hong Kong, and the Middle East.

dtcpay, The Currency Bridge Between Worlds

As a payment service provider fully licensed and regulated by the Monetary Authority of Singapore (MAS), dtcpay’s expansion roadmap includes launching additional fiat and digital currency pairs for its multi-currency exchange products, serving as a key pillar to enable merchants and their customers to transfer value seamlessly and cost-effectively.   Each of these merchants uses dtcpay POS+, an all-in-one device that accepts a wide range of digital payment methods — including credit cards, QR code payments, and cryptocurrencies. By streamlining the payment process for merchants, it saves time and effort while meeting consumer demand for diverse payment methods and channels.   According to Wu Blockchain, “dtcpay processed over SGD 50 million in transactions during the first quarter of 2023.”    To further enhance settlement efficiency for merchants, dtcpay launched a pilot program called eSGD, an electronic money initiative designed to provide merchants and their customers with safe and convenient payment options, delivering a simpler and smoother payment experience. As demand for cashless transactions continues to grow, electronic money is becoming an increasingly important part of the payments ecosystem. dtcpay aims to help merchants grow their businesses by offering efficient and reliable digital payment solutions.   Since 2nd April 2023, dtcpay has enabled merchants to integrate WeChat Pay, offering more convenient settlement for Chinese citizens. This collaboration comes at a time when demand for WeChat Pay in Singapore is on the rise. Previously, following China’s border reopening, dtcpay made it easier for Chinese tourists and citizens living in Singapore to enjoy the convenience of this payment method.   In an interview, ZA Bank (Hong Kong) Chief Executive Officer Ronald Iu stated that the bank has received approval to provide cryptocurrency-to-fiat exchange services through licensed exchanges. The bank will act as a settlement bank for clients, allowing them to deposit crypto tokens with the exchange and withdraw funds in RMB, USD, and HKD. 

Related Readings

Related Reading: Breaking News! Hong Kong Authorizes ZA Bank to Provide Crypto Exchange Services, Enabling Withdrawals in RMB, USD, and HKD.   With the acquisition of its MPI license in Singapore, dtcpay has entered a new chapter of rapid growth in the payments sector. The company has rebranded into a more innovative and inclusive brand within the digital payments ecosystem, maintaining technological leadership while delivering safe, lawful, and compliant solutions for the industry. This ensures that dtcpay operates fully within regulated environments.   Through this rebranding, dtcpay embraces a new era of expansion in the fast-growing payments industry, while continuing to uphold its technological edge, as well as the security and compliance of its user network.    Link to article - https://hk.investing.com/news/economic-indicators/article-319295