BigPay, a Southeast Asian fintech company, has selected Singapore-based TripleA as a cryptocurrency payment gateway for its latest feature – Crypto top-up – making its foray into the digital asset space .
Under the Payment Services Act 2019, the fintech arm of Asia’s leading low-cost airline AirAsia is licensed as a MPI to carry on the business of cross-border money transfer service, as well as account issuance service, domestic money transfer, and e-money issuance.
TripleA facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. On the merchant side, TripleA allows clients to settle in cryptocurrency with easy setup, instant confirmation, locked-in exchange rate, real-time fiat conversion, and no chargeback crypto payment solution. As such, it removes the volatility risk by converting in real time the crypto to local currency.
TripleA’s offering meets the needs of many businesses including e-commerce merchants, retailers, game providers, PSPs, fintech, marketplaces, and tech companies. The company is licensed by MAS, the Monetary Authority of Singapore, allowing partners to operate in a compliant and regulated environment
The collaboration enables BigPay’s merchants to accept crypto payments in Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT), with plans to expand the accepted currencies in the near future. This will let the challenger bank’s users send and receive crypto payments around the world without incurring special handling fees.
“We believe in a regulated financial system which takes the best of both crypto and traditional finance – to increase efficiency and value to the end-user. We want to enable users to interact with digital assets in a safe and secure way, and facilitate overall interoperability,” BigPay’s CEO and co-founder Salim Dhanani said.
“With over 300+ million crypto owners worldwide, TripleA is happy to work with BigPay to meet the demand for crypto top-ups. With the addition of this new payment method, we are also pleased to continue enabling accessible and transparent digital financial services for BigPay’s customers,” said Eric Barbier, Chief Executive Officer of TripleA.
TripleA provides a seamless way to hold and transfer fiat funds, convert between fiat and crypto as well as manage compliance, all within its simple to integrate API. The alliance with Binance highlights the ongoing hype around crypto payments and relevant DeFi applications, as well as the potential for platforms that can enable their greater adoption.
TripleA’s founders see this domain is rapidly evolving, and thus it steps in to embed payments infrastructure into existing systems. This is similar to what PayPal and other payment providers have done for the ecommerce space.