Global cryptocurrency exchange Coinbase announced that its Singapore customers can now transfer funds to and from their Coinbase account using any local bank in Singapore for free.
Coinbase noted in the announcement: “As Singapore aims to become a global crypto and blockchain hub, we are committed to supporting these ambitions and bringing the best product experience to the Singapore market.”
Users could only transfer crypto into and out of their Coinbase accounts or make crypto purchases using a Visa or Mastercard debit or credit card in the past.
According to Hassan Ahmed, country director for Coinbase Singapore, the initiative is part of Coinbase’s goal for international expansion.
Coinbase partnered with Standard Chartered in Singapore for this new project. Because Standard Chartered will provide connectivity to on- and off-ramp their funds, Coinbase users in Singapore can access this service.
According to Ankur Kanwar, head of cash products at Standard Chartered for Singapore and Asean, this collaboration would enable customers to send and receive payments in real-time and also enable the exchange to automatically reconcile customer accounts.
Last October, Coinbase gained regulatory approval in Singapore to offer services in the city-state under the Payment Services Act. Ahmed did note that Singapore is a significant institutional market for the exchange in Asia.
