Source: Pixabay / Michael Wuensch

Digital payment company AsiaPay has partnered with BLOX, a Malaysian web3 firm, to explore payment solutions around digital assets in the country. 

In a Jan 10 press release, the firm explained the need to look into other payment options as more sectors emerge and businesses scale rapidly in the country and the wider sub-region. 

AsiaPay will look into crypto-as-a-service solutions in the country and has signed a memorandum of understanding to that effect citing the several benefits for businesses to onboard more purchase options.

AsiaPay is the latest example of crypto adoption in the financial market 

The popularity of Bitcoin (BTC) and other cryptocurrencies have surged in recent years becoming a payment option for many people and a major remittance instrument. 

“With consumers increasingly opting for new payment methods that are simple yet secure, cryptocurrencies are rapidly becoming popular across the globe.” 

Recent reports also place the massive uptick in web3 education in the Asian market leading to several countries creating hubs and rolling out regulatory frameworks to attract firms to cities.

According to the statement, cryptocurrency payment providers need to act as intermediaries between consumers and businesses to remove all complexities involved and facilitate adoption while targeting more use cases. 

With this, merchants’ back end becomes more seamless as they scale to more jurisdictions. Cryptocurrencies have long been tipped to aid cross-border payments by many international corporations.

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Notably, the central bank Digital currency (CBDC) framework being developed by many countries stresses cross-border payment integration as a focal point for development and partnerships.

While cryptocurrencies for businesses are used in several markets, a major challenge remains the fluctuations in price which can lead to losses or multiple price changes to prevent them. This has led to the mass adoption of stablecoins as a payment and a bridge between centralized and decentralized finance (DeFi). 

Stablecoins are now used especially in business-to-business (B2B) setups when integrating blockchain payments as institutional investors prefer to utilize a less volatile asset due to client agreements and regulations.

A partnership for the future  

Ethan Chung, the co-founder of BLOX disclosed the recent partnership with optimism to empower businesses and users with crypto payments in the country. 

“I’m excited to announce our partnership with AsiaPay, enabling Malaysian merchants to effortlessly accept crypto payments without the need for technical expertise. Empowering businesses, simplifying transactions.” 

Tak Kheong noted the partnership is a huge milestone for the firm as they expand the business offerings in the region through digital assets. 

“At AsiaPay, we provide payment acceptance solutions with multi-currency, multi-lingual, multi-card, and multi-channeled payment capabilities, which we believe by adding payment method via crypto, will further enhance the value-add service to our Merchants and Partners in the payments ecosystem.”

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