Grab Singapore Collaborates with Triple-A to Present Balance Top-ups with Digital Tokens

Grab collaborated with Singapore-based digital asset platform, Triple-A, to present the feature top-up balance e-wallet in the form of digital tokens. The token options and platforms that support this feature are still kept secret by Grab.

Launch Coingape, digital wallet users GrabPay in Singapore can change stablecoin and other digital assets into balance e-wallet which can be used for daily transactions.

Currently, options top-up in the form of new crypto available in Singapore. However, through service collaboration, Grab confirmed his strategy as super app to expand services and user adoption to other markets.

Grab stated that it remains cautious and committed to closely monitoring users and responding proactively to increasing demand. This indicates the company's efforts to expand these services outside Singapore.

For your information, Triple-A is a subsidiary Xfers, fintech from Singapore which merged with Payfazz to become FAZZ Financial Group in 2021. Meanwhile, Triple-A has a license as a large payment institution from the Monetary Authority of Singapore (MAS).

Before this, Grab has collaborated with Triple-A in 2021 to purchase digital currency for TransCrypt users (Triple-A's token) with GrabPay. This collaboration only applies in Singapore.

In Indonesia, it is not possible to top up digital wallet balances with digital money due to regulatory factors. According to Law no. 7 of 2011 concerning Currency, crypto is prohibited or illegal as a legal means of payment in Indonesia. There are no platforms yet e-wallet in Indonesia which has the infrastructure to support it top-up balance in crypto form.

As a traded asset, crypto has been in great demand by investors in Indonesia. CoFTRA recorded that the value of crypto transactions in February 2024 reached IDR 30 trillion, up from IDR 21,57 trillion in January 2024. The number of crypto investors in Indonesia reached 19 million people in February 2024. The government is targeting crypto transactions this year to reach a record again in 2021 of IDR 859,4 trillion.