StraitsX joins Ant International and Grab to enable cross-border payments with PBM for local merchants on Hedera

StraitsX collaborates with Ant Group International and GrabSG to enable cross-border payments with PBM, Purpose-Bound Money, for local merchants. XSGD, a stablecoin pegged to the Singapore Dollar, will be utilized for this purpose and is also on the Hedera network.

StraitsX, the Southeast Asia-based digital asset payment infrastructure, announced support for the StraitsX Singapore Dollar (XSGD) on the Hedera network.

Ant Group is the second largest financial services corporation in the world, behind Visa. In March 2019, The Wall Street Journal reported that Ant's flagship Tianhong Yu'e Bao money-market fund was the largest in the world, with over 588 million users, or more than a third of China's population, contributing cash to it.