Coinbase Business Expands Internationally to Singapore

Coinbase Business has launched in Singapore in its first international expansion. The exchange disclosed the expansion of this platform, focusing on businesses, in a blog post on November 12.

Coinbase Business is a unit of the exchange that provides payment services for small and medium-sized businesses, as well as startups.

Coinbase Business Singapore to be Powered in Partnership with Standard Chartered

According to the announcement, the Coinbase Business Singapore will be powered in collaboration with Standard Chartered. The bank has been a strategic partner for Coinbase in the country, enabling fiat transfers for Coinbase retail users.

Coinbase Business is described by the exchange as an all-in-one financial platform. It will provide services such as instant stablecoin payments, payment links, and global payouts.

It claimed that the launch will make B2B finance seamless for Singaporean companies by enabling programmable payment rails. The services will also include asset management and accounting reconciliation, supporting QuickBooks and Xero.

However, the extent to which capabilities will be accessible to Singaporean businesses will depend on the regulatory requirements. Coinbase is one of the 36 businesses licensed in Singapore as a Major Payment Institution (MPI) for Digital Payment Token (DPT) service and cross-border money transfer service.

This license does not include authorization for Domestic Money Transfer or Merchant Acquisition Service, which could limit the extent of services that Coinbase Business can provide for merchants in the country.

Nevertheless, Coinbase’s decision to launch in Singapore is not surprising given its various ventures in the Asia-Pacific nation. The company even mentioned this in its blog post, noting that it is part of the commitment to the region.

It said:

“This launch is not an isolated event; it’s the latest in a series of deep commitments we’ve made to the region. Just last month, we were proud to announce our participation in the MAS BLOOM Initiative (Borderless, Liquid, Open, Online, Multi-currency), where we are contributing directly to the workstream on “Agentic Payments” and the future of digital asset settlement.”

Coinbase Calls Off Plans to Acquire Stablecoin Startup

Meanwhile, the launch coincides with Coinbase’s decision to call off the planned acquisition of stablecoin startup BVNK. The deal, which valued the UK-based startup at $2 billion, could have been the biggest in the crypto industry.

Coinbase had entered an exclusivity agreement with BVNK in October and even conducted due diligence. The companies did not state why they decided to opt out of the deal, but a Coinbase spokesperson said the exchange remains open to acquisition opportunities.

Despite pulling out of the deal, Coinbase remains very bullish on stablecoins. The exchange, which is an investor in USDC issuer Circle, continues to defend the importance of stablecoins. It countered claims that stablecoins could lead to deposit flight for US banks.

Stablecoins remain a very booming sector with several traditional financial institutions showing interest in issuing their own stablecoins. The sector now has a total market cap of over $305 billion, although it has declined by more than $750 million in the past 30 days.