ABU DHABI, February 18, 2024 – CoinCove, an Abu Dhabi-based digital asset service provider, today announced a strategic partnership with a leading Singaporean financial technology firm, achieving a milestone in USDT cross-border settlement and digital asset payments. This collaboration aims to accelerate both parties’ expansion in the Asian market, providing a more efficient, low-cost transaction experience for cross-border trade, enterprise settlement, and personal remittances.
Key areas of cooperation include:
Cross-Border E-commerce Payments: Offering stablecoin settlement services to Southeast Asian e-commerce sellers, reducing exchange rate fluctuation risks and improving settlement efficiency.
Corporate Payroll Settlement: Supporting enterprises in distributing salaries to overseas employees in USDT, enabling rapid fund arrival and cost optimization.
Compliant Technology Implementation: Ensuring end-to-end transaction security by combining CoinCove’s cross-chain payment technology with the Singaporean partner’s compliance framework.
Data shows that since the partnership’s launch, USDT transaction volume in the relevant region has increased by approximately 170% year-over-year, the number of active users has grown by 65%, and the average settlement time for cross-border e-commerce enterprises has been reduced to within 1–2 hours.
A spokesperson for CoinCove stated, “Partnering with our Singaporean counterpart allows us to take a solid step forward in the field of stablecoin applications in Asia. The synergy of our technologies and resources provides our clients with a more secure and efficient payment experience.”
A representative for the Singaporean partner commented, “CoinCove’s capabilities in cross-chain payments and stablecoin transactions have provided the technical assurance for our market expansion. We will further our collaboration in the future to promote the application of digital assets in corporate payments and cross-border settlement.”
