According to a recent press release, USDC stablecoin provider Circle Internet Financial (Circle) announced a partnership with Grab to enhance the way users experience mobile apps in Singapore. The collaborative effort aims to integrate Circle’s robust Web3 Services platform into the Grab app, developing an advanced Web3 customer experience. This move marks an important milestone not only for these companies but also for the Web3 ecosystem in Southeast Asia.
Circle Aims To Increase Influence In Singapore
Circle Internet Financial (Circle) has joined forces with Grab, Southeast Asia’s leading super app, to debut Web3-enabled customer experiences in Singapore. The new feature, dubbed the ‘Grab Web3 Wallet,’ will empower users in Singapore to venture into the universe of blockchain technology right within their Grab app.
Circle revealed that its latest Web3 Services platform has been integrated into Grab’s app to facilitate the adoption of stablecoins, digital assets, and smart contracts by traditional businesses. With this pilot program, qualified users of the Grab app can now establish a blockchain-enabled wallet, accumulate rewards and collectibles, and even utilize non-fungible token (NFT) vouchers.
As an early offering, the Grab Web3 Wallet is featuring SG Pitstop Pack NFT vouchers that can be redeemed at select retail outlets in Singapore, coinciding with the upcoming F1 Singapore Grand Prix.
The initial buzz about Grab’s foray into Web3 services emerged last week when industry analysts noted a new Web3 tab, complete with an integrated cryptocurrency wallet, appearing on the Grab app’s user interface on September 7.
This joint initiative isn’t merely an add-on feature but forms part of a broader financial tapestry in Singapore. Circle’s collaboration with Grab aligns perfectly with the Monetary Authority of Singapore’s (MAS) Project Orchid, serving as a real-world application of what MAS refers to as “Purpose Bound Money.” The integration of Circle’s Web3 Services into the Grab app is an illustrative case for the future of financial technology.
Dante Disparte, Chief Strategy Officer and Head of Global Policy of Circle said, “Circle is thrilled to partner with Grab to accelerate the adoption of blockchain-powered innovation and support Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation.”
Shift For Consumer And Enterprise Applications
Circle’s Web3 Services are designed not just for new Web3 startups but also for existing Web2.0 companies. By integrating these services into the Grab platform, both companies are creating ways for traditional online platforms to seamlessly incorporate the power of stablecoins, digital assets, and smart contracts.
In June, the Monetary Authority of Singapore (MAS) released a White Paper outlining proposed guidelines for the utilization of digital currency, which includes specifications for what they term ‘purpose-bound money.’
Mr. Jeremy Allaire, co-founder and chief executive of Circle, said, “Circle is focused on partnering with global-scale consumer Internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realizing the full potential of responsible digital asset innovation.”
Established in 2012 under the original name MyTeksi, Grab is a global tech firm with its headquarters in Singapore. The company offers a multi-service platform, commonly referred to as a super-app, that provides ride-hailing, food delivery, and digital payment services. Operating in multiple countries such as Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam, the Grab app is said to cater to over 187 million users across 330 cities in the Southeast Asia region.
The recently announced partnership between Circle and Grab in Singapore marks a milestone in Circle’s continuing growth in the country. As of June 2023, Circle had secured a Major Payment Institution license from the Monetary Authority of Singapore following the official inauguration of its Singaporean office in May of the same year. In a previous initiative, Circle joined forces with Tribe, a blockchain ecosystem development platform endorsed by the Singaporean government, to boost local Web3 technological advancements.
