Grab Pilots Purpose-Bound Money with StraitsX in Singapore
In late 2022, Grab and payments infrastructure platform StraitsX conducted a test to issue “purpose-bound money” or purpose-bound digital Singapore dollars (SGD) in the form of commercial digital vouchers. This pilot program aimed to explore the potential of using digital vouchers for specific purposes within the Grab ecosystem.
GrabPay, Grab’s payment service, partnered with StraitsX and digital currency payment gateway TripleA to support the settlement of purpose-bound money. This was achieved by accepting StraitsX’s XSGD on the Polygon chain and reflecting it as SGD in the participating merchants’ GrabPay accounts.
Collaboration between Grab, Amazon, and FAZZ for Digital Asset Use
The Monetary Authority of Singapore (MAS) proposed standards for using digital assets on a distributed ledger. As part of this initiative, Grab, Amazon, and finance company FAZZ collaborated on a pilot project involving escrow arrangements for online retail payments. This pilot aimed to explore the potential of using distributed ledger technology for secure and transparent online transactions.
Grab’s Expansion and Services
Founded in 2012, Grab has emerged as a leading super app in Southeast Asia, serving over 180 million users across 500 cities in eight countries. Its services include ride-hailing, food and grocery delivery, package delivery, online payments, and access to lending and insurance services.
According to Grab’s latest report, the company experienced significant growth, with revenue increasing by 77% YoY to $567 million. Additionally, Grab reported a user base of 34.9 million monthly users, indicating the platform’s strong market presence and popularity.
Hot Take: Grab Innovates with Purpose-Bound Money
Grab’s pilot program with StraitsX to test purpose-bound money demonstrates the company’s commitment to exploring innovative solutions in the digital payment space. By leveraging digital vouchers and blockchain technology, Grab aims to enhance the efficiency and security of financial transactions within its ecosystem. This initiative could potentially revolutionize the way digital currencies are utilized in everyday transactions, fostering a more seamless and purpose-driven payment experience for Grab users.
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