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Singapore-based fintech platformannounced plans to launch its own pilot stablecoin initiative called StraitsX, powered by blockchain platform .
The initiative is set to be supported by companies such as Binance Singapore, CoinHako, Coinut, Sparrow, Tokenize Xchange, and Wowoo Exchange, according to a statement.
Starting with XSGD, a token pegged to the value of the Singapore dollar (SGD) and fully backed 1:1 with SGD, the Y Combinator alum expects the stablecoins to increase the level of transparency for transactions and reduce friction in accessing financial products. To do this, Xfers looks to leverage Zilliqa’s proprietary scripting language Scilla to provide smart contract functionalities.
The two companies announced aearlier this year, with Zilliqa president and chief scientific officer saying that Xfers was looking to build some of its fintech products and service ideas on a blockchain.
StraitsX also aims to create a more open financial ecosystem and increase financial inclusion within Southeast Asia.
“StraitsX demonstrates our willingness to adopt technology to propel our vision of building an open banking infrastructure for the region,” said Xfers co-founder and CEO Tianwei Liu. “With the transparency that blockchain provides, as well as the stablecoins being price-pegged to local fiat currencies, StraitsX aims to be the common ledger for digital assets, payments, fund transfers, and ecommerce.”
The stablecoin pilot is scheduled to go live in December 2019.
Founded in 2015, Xfers allows individuals to make and receive payments online and helps merchants set up their e-wallet services. The Eduardo Saverin-backed company said that it partners merchants to process over US$150 million in transactions every month and serve a total of 10 million unique active users monthly across Singapore and Indonesia.
In January, the company wasby the Monetary Authority of Singapore as a widely accepted stored value facility, joining EZ-Link Card, Nets CashCard, Nets Flashpay, CapitaVoucher, and AliPay Merchant Services.