Media Feature

SG-based Dtcpay eyes HK expansion for crypto payment services

As featured on TECHINASIA, 14 Jul 2023

14 Jul 2023 2 mins Read


As featured on TECHINASIA, 14 Jul 2023

SG-based Dtcpay eyes HK expansion for crypto payment services

Dtcpay, a Singapore-based payment processor that supports both fiat and cryptocurrencies, is planning to enter Hong Kong by the end of this year.


It also aims to set up an office in Dubai – another crypto hotspot – by 2024.


“We see the North Asia market to be very lucrative in the coming years, the regulations and rules for digital assets are becoming more and more clear, they just opened up to retail participants,” Kanny Lee, group CEO of Dtcpay, told Tech in Asia in an interview.


Dtcpay generates revenues from crypto conversion rates on transactions. It has acquired around 12 merchants and is expecting to onboard up to 100 by the end of 2023. Dtcpay said it has grown its transaction volume by 4x since the beginning of this year.


Lee noted that most consumers see tokens only as investments.


“What we’re looking to do here is to unify all the different payment methods – whether from Indonesia, Malaysia, India, Vietnam or Singapore – to consolidate them into a single seamless experience that makes it easy for the merchants and the consumers to connect,” he added.


For example, Dtcpay allows users to buy cars with crypto, which brings transaction fees down to 0.5% from around 4% for consumers using cash, according to Lee. In Singapore, the company has partnered with Cars and Coffee and DM Autohaus.


Dtcpay raised US$16.5 million in its pre-series A from Kwee Liong Tek in June. Tek is the chairperson of the Pontiac Land Group, which owns the Ritz-Carlton and Conrad Hotels in Singapore. This investment allowed Dtcpay to start targeting the hospitality sector.


In August 2022, Dtcpay secured a major payment institution license from the Monetary Authority of Singapore. The company aims to launch a debit card by the fourth quarter of 2023, allowing holders to cash out their crypto into multiple currencies without paying for foreign exchange rates.