Grab and StraitsX Partner to Launch Web3 Wallet and Stablecoin-Based Settlements Across Asia | Startup Story
Grab has entered a strategic collaboration with Singapore-based StraitsX to build a Web3-enabled payment infrastructure designed to streamline digital transactions across Asia. The initiative centers on integrating a Web3 wallet directly into the Grab app and establishing a stablecoin-based payment network to deliver efficient, compliant, and transparent settlements for consumers and merchants across multiple markets.
What the partnership entails
Subject to regulatory approvals, Grab users could be able to hold and transact with StraitsX-issued stablecoins such as XSGD (backed by the Singapore dollar) and XUSD (backed by the US dollar) within the app. These stablecoins are intended to support enterprise-grade cross-border transfers, enabling near real-time foreign exchange conversion and on-chain settlement.
How it works
- In-app Web3 wallet access for holding and transacting with supported stablecoins.
- Real-time cross-border transfers with on-chain settlement and FX conversion.
- Interoperability with existing Web3 wallets for broader digital asset connectivity.
- Programmable settlement features designed to optimize treasury and liquidity management for merchants.
Benefits for consumers and merchants
The integrated Web3 wallet aims to make participation in the digital asset economy accessible through familiar user experiences within the Grab app. For everyday users, this could mean faster and more affordable cross-border payments, simplified remittances, and improved transparency. For merchants, programmable settlement tools and on-chain treasury capabilities are expected to enhance working capital efficiency, reduce reconciliation overheads, and accelerate payout cycles.
Addressing regional fragmentation
StraitsX Co-Founder and CEO Tianwei Liu highlighted that the collaboration is designed to tackle common challenges in Southeast Asia’s payment landscape, including high transaction costs and limited interoperability across borders. According to Liu, bringing together Grab’s scale with StraitsX’s stablecoin infrastructure and partner network can help deliver faster, more inclusive financial services that align with regulatory requirements.
Grab Financial’s Head, Kell Jay Lim, emphasized the vision to leverage Web3 technology to elevate cross-border retail payments, offering customers and merchants payment experiences that feel familiar but benefit from next-generation infrastructure. Both companies underscored a commitment to robust compliance standards, including stringent anti-money laundering and counter-terrorism financing controls.
Compliance, security, and transparency
The platform is being designed with a compliance-first approach, incorporating enterprise-grade risk management and monitoring. By settling transactions on-chain, the initiative aims to enhance auditability and transparency while working within existing regulatory frameworks in the markets where the services may be introduced.
Roadmap and interoperability
The rollout is expected to proceed in phases across key markets, building a foundational settlement layer that supports digital asset connectivity and financial inclusion. The effort draws inspiration from proven interoperability models in the region, such as cross-border QR payment integrations, and explores the use of stablecoins like XSGD and XIDR in similar contexts to facilitate smooth, compliant cross-border transactions.
Outlook
As Southeast Asia’s digital economy continues to expand, the collaboration positions Grab and StraitsX at the forefront of payment innovation. If successful, stablecoins could operate as invisible, compliant infrastructure powering everyday commerce, cross-border retail payments, and merchant settlements. With the potential to lower costs, increase speed, and improve transparency, this initiative signals a significant step toward a more connected and efficient financial ecosystem across the region.
