We are excited to announce that USD transfers are now available for Coinbase users in Singapore. As part of our mission to increase economic freedom in the world, we build products for our users to better access USDC and the broader crypto ecosystem.
Singapore customers already enjoy commission-free trading today when buying or selling USDC with Singapore dollars (SGD). Now, with the introduction of commission-free trading for US dollars, customers can more easily access USDC - designed to be pegged, and redeemable 1:1, to the US dollar. Customers can also be rewarded up to 5.05% APY on their USDC simply by holding, with no lockups or maximum limit.
Singapore focus
As a leading financial centre and global technology hub, Singapore remains a top focus market for our International Expansion strategy. Earlier this year, we integrated with Singpass, the trusted digital identity of Singapore, offering customers a more streamlined onboarding process. We’ve also introduced convenient funding options such as PayNow and FAST bank transfers, and obtained our Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) in October 2023.
Equally, the team leading our venture arm, Coinbase Ventures, has invested in over fifteen Singapore-based web3 startups in the past three years and has established a team in the island city to drive investment activity in the Asia-Pacific region. We look forward to continuing our work with local web3 community groups such as ACCESS, Singapore Fintech Association and Blockchain Association of Singapore in favour of a thriving local ecosystem.
We are thrilled about the growth and adoption of crypto in Singapore and beyond. We believe that crypto is the future of finance, and we are committed to making it accessible and easy to use for everyone.
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Disclaimer : Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy.
Coinbase does not intend for the reward-bearing products described herein to constitute a securities offering, and purchasing these products is not the same as investing in a securities offering.
Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here The rewards rate is subject to change and may vary by region. Please check the latest list of eligible regions here. Customers will be able to see the latest applicable rates directly within their accounts.
No commission fees attributed to Coinbase for USD:USDC conversions will be charged to Singapore customers until further notice. However, spread, and processing fees charged by third party processors, will continue to apply.
International
About Hassan Ahmed
Hassan serves as the Country Director of Singapore at Coinbase. His background encompasses significant roles in both web3 and fintech, making him a knowledgeable leader in the regional cryptocurrency industry.
Prior to Coinbase, Hassan held positions at GoTo Group. As the Chief Executive Officer of Coins.ph, managing operations of the crypto brokerage in the Philippines. Concurrently, he was the Head of Strategy for Gopay, Indonesia's eWallet service.
Hassan's professional experience extends to New York, where he oversaw the launch of eToro’s regulated crypto trading platform in the United States as Director of Finance & Operations. Additionally, he was Head of Business Operations at Venmo and Vice President of Strategy at Merrill Lynch Wealth Management.
Hassan has an MBA from Harvard Business School.
For those interested in Singapore's cryptocurrency and Web3 landscape, Hassan's experience offers a comprehensive overview of cryptocurrency, traditional finance and fintech.
Hassan has been a speaker at Singapore Fintech Festival and MoneyLive Asia. He has also lectured at INSEAD. Additionally, he contributed to the working paper titled "Realizing the Promise and Potential of 'Web3' for Pakistan" authored by Uzair Younus in February 2022.