Tag: fintech

Launches first POS machine for crypto transactions in Singapore

Singapore, Nov 9, 2022 – (ACN Newswire) – Digital Treasures Center (DTC), a web2.0 and web3.0 payment service provider, has achieved multiple firsts since obtaining the full payment licenses from the Monetary Authority of Singapore (MAS) in August 2022.

1. The fintech is the first payment company to launch a point of sale (POS) machine in Singapore to accept cryptocurrencies.
2. DTC’s Chief Operating Officer El Lee is the first home-grown Singapore entrepreneur to receive the Top 10 Fintech Leaders award three times.
3. DTC is the first fully licensed crypto currency payment company in Asia to be selected for Mastercard’s Start Path global startup engagement program.

First POS machine to accept cryptocurrencies in Singapore

DTC became the first MAS regulated major payment company to launch a point of service (POS) machine for physical cryptocurrency transactions in Singapore at the Singapore Fintech Festival.

Digital Treasures Center showcasing their POS machine that accepts physical cryptocurrency transactions during Singapore Fintech Festival.

“The DTC team has worked hard to ensure that merchants can seamlessly accept crypto in their physical stores. Now consumers can pay via cryptocurrencies at physical store through our POS machine seamlessly,” said Alice Liu, Chief Executive Officer and Co-founder of DTC.

With a POS machine, DTC is empowering merchants to easily accept cryptocurrency payment and receive fiat payout in Singapore Dollar or US Dollar. This allows merchants to see almost immediate transfer with transaction fees that is much lower than typical credit cards.

Retailers that are already using DTC’s service to accept cryptocurrency payment include 35A Scotts, a private club house; H2 Hub, a watch retailer with multiple outlets around Singapore; and Lumin Eye Specialist, which provides holistic ophthalmology services, GL Auto and F1 Auto, which are premium car dealers in Singapore.

Currently, DTC accepts Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT) and USD Coin (USDC).

First home-grown Singapore entrepreneur to be a 3rd time winner of the Top 10 Fintech Leaders award

Second, El Lee, Chief Operating Officer and Co-founder of DTC became the first home-grown Singapore entrepreneur to win the coveted Top 10 Fintech Leaders award for the third time at the Singapore Fintech Festival 2022 in recognition of his leadership in driving the company in the frontier at the cryptocurrency payment space in Singapore.

Since receiving the MPI license in August, DTC has gone from strength to strength. In addition to launching the first POS machine to accept crypto transactions physically, DTC has also launched DTC Wallet on Apple Store and Google Play. The fintech is also enhancing the onboarding process to allow for online and near real-time onboarding.

“I am grateful for the continued recognition as one of the top 10 Fintech Leaders, having strived to improve the blockchain and financial industry.” El said. “The award also belongs to our team that worked very hard. DTC is the only MAS regulated payment company that has product for both consumer and merchant, and solution for both online and in-store payment, with card, fiat and crypto payment processing capability!”

First fully licensed cryptocurrency payment company in Asia to be selected for this year Mastercard Start Path program

DTC is the only Asia-based company to be selected for this year Mastercard Start Path. Founded in 2014, Start Path has engaged 350 startups globally. Approximately 1,500 startups annually are evaluated for entry to the program with a 2% acceptance rate. Through the Mastercard Start Path Crypto program, high-potential Web3 startups receive the opportunity to co-create and innovate, gain customized expertise from Mastercard, and access a diverse customer base through the company’s global scale.

“We are excited to be part of this prestigious Start Path program by Mastercard and we believe there is great synergy between DTC, Mastercard and its ecosystem. As DTC build the next generation payment solution to bring crypto, cash, card together into a single platform, card players like Mastercard are key strategic partners for us and we look forward to learning and working with the Mastercard team,” said El.

For more information about the Start Program this year, please refer to the Mastercard announcement: https://mstr.cd/3tdqySu

About Digital Treasures Center

Digital Treasures Center Pte Ltd (“DTC”) is an enterprise payment service provider incorporated in Singapore with PCI-DSS level 1 certification and winner of the prestigious Fintech Partner Award at Singapore Fintech Festival. Our payment solution – DTC Pay, offers clients and merchants the ability to receive and settle payment, including cryptocurrency. DTC Pay is compliant, fast, secure and cost efficient. DTC is dedicated to building the payment infrastructure that would allow merchants and consumers to interact with fiat and cryptocurrency seamlessly.

Find out more at www.dtcpayment.com

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Link to article:

https://www.acnnewswire.com/press-release/english/79057/digital-treasures-center-trailblazing-in-physical-cryptocurrency-transactions

Mastercard, a global payment processing corporation, has announced a new batch of companies joining Start Path Crypto, its Web3 engagement program that helps blockchain, crypto, and digital asset startups scale.

Seven crypto startups from around the world will get access to Mastercard’s channels and customers, mentorship, and tech collaboration, as well as opportunities to expand into new markets for three months. The new entrants will join 18 other companies that have previously joined the program.

The engagement program is part of Mastercard Start Path, a six-month accelerator program for fintech startups launched in 2014. The accelerator program has seen more than 350 companies from 40 countries participate in total since its inception.

Connected with 90 million merchants worldwide, Mastercard believes its experience in securing multiple payment rails will enable crypto companies to operate safely in the market.

“NFTs, blockchain gaming, and metaverse experiences could transform how consumers shop and communicate however we need to collaborate and bring together tech, banking, fintech, and crypto to unlock this potential,” the company stated.

The seven crypto startups joining the program are:

• Digital Treasures Center, a Singapore-based company that empowers merchants to pay, receive, and transfer funds, including crypto, and process major currencies using DTC Pay.
• Fasset, an Abu Dhabi-based digital asset exchange working in Web3.
• Loot Bolt, a US-based company that empowers organizations to build communities by leveraging a Web3-powered social payments system.
• Quadrata, a US-based company that uses privacy-preserving and Sybil-resistant tech to bring identity and compliance to public blockchains.
• Stable, a Colombian firm offering global remittances, peer-to-peer payments, and card use based on tech that stabilizes all global currencies, including stablecoins.
• TBTM Studios, a Dubai-based company building the world’s first blockchain-based media fintech, turning culture into currency by rewarding fans for building communities around content.
• Uptop, a US-based company that uses blockchain to create a clutter-free place for brands to control their customer relationships and for shoppers to receive personalized rewards.

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Link to article:

https://www.techinasia.com/mastercard-launches-web3-engagement-program-startups-scale

Scaling for impact 

The newest Start Path cohort will engage in growth-essential opportunities including technology collaboration, mentorship, access to channels and customers, and the opportunity to accelerate their digital asset innovations and expand into new markets.  

Fintechs play a major role in digital transformation by bringing fresh ideas, customization and greater choice for consumers and businesses. We believe collaboration across the crypto ecosystem is essential to delivering the right solutions at the right time. From our experience innovating payments and building a global network, we believe it’s more likely that we’ll see a hybrid economy that combines the benefits of Web3 technology with existing financial infrastructure. And why shouldn’t everyone have the opportunity to come along for the Web3 ride? 

Blockchain, digital asset and crypto companies are invited to apply for the Mastercard Start Path Crypto program here. 

Learn more about how Mastercard is collaborating in the digital currencies space to transform commerce, financial services and more here.  

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Link to article:

https://www.mastercard.com/news/press/2022/november/scaling-crypto-innovation-from-blockchain-based-media-to-web3-for-emerging-markets-and-beyond/