Launches first POS machine for crypto transactions in Singapore
Singapore, Nov 9, 2022 - (ACN Newswire) - Digital Treasures Center (DTC), a web2.0 and web3.0 payment service provider, has achieved multiple firsts since obtaining the full payment licenses from the Monetary Authority of Singapore (MAS) in August 2022.
- The fintech is the first payment company to launch a point of sale (POS) machine in Singapore to accept cryptocurrencies.
- DTC's Chief Operating Officer El Lee is the first home-grown Singapore entrepreneur to receive the Top 10 Fintech Leaders award three times.
- DTC is the first fully licensed crypto currency payment company in Asia to be selected for Mastercard's Start Path global startup engagement program.
First POS machine to accept cryptocurrencies in Singapore
DTC became the first MAS regulated major payment company to launch a point of service (POS) machine for physical cryptocurrency transactions in Singapore at the Singapore Fintech Festival.
Digital Treasures Center showcasing their POS machine that accepts physical cryptocurrency transactions during Singapore Fintech Festival.
"The DTC team has worked hard to ensure that merchants can seamlessly accept crypto in their physical stores. Now consumers can pay via cryptocurrencies at physical store through our POS machine seamlessly," said Alice Liu, Chief Executive Officer and Co-founder of DTC.
With a POS machine, DTC is empowering merchants to easily accept cryptocurrency payment and receive fiat payout in Singapore Dollar or US Dollar. This allows merchants to see almost immediate transfer with transaction fees that is much lower than typical credit cards.
Retailers that are already using DTC's service to accept cryptocurrency payment include 35A Scotts, a private club house; H2 Hub, a watch retailer with multiple outlets around Singapore; and Lumin Eye Specialist, which provides holistic ophthalmology services, GL Auto and F1 Auto, which are premium car dealers in Singapore.
Currently, DTC accepts Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT) and USD Coin (USDC).
First home-grown Singapore entrepreneur to be a 3rd time winner of the Top 10 Fintech Leaders award
Second, El Lee, Chief Operating Officer and Co-founder of DTC became the first home-grown Singapore entrepreneur to win the coveted Top 10 Fintech Leaders award for the third time at the Singapore Fintech Festival 2022 in recognition of his leadership in driving the company in the frontier at the cryptocurrency payment space in Singapore.
From left to right: Richmond Teo from Paxos presenting El Lee, Chief Operating Officer of Digital Treasures Center, the Top 10 Fintech Leaders award during Singapore Fintech Festival.
Since receiving the MPI license in August, DTC has gone from strength to strength. In addition to launching the first POS machine to accept crypto transactions physically, DTC has also launched DTC Wallet on Apple Store and Google Play. The fintech is also enhancing the onboarding process to allow for online and near real-time onboarding.
"I am grateful for the continued recognition as one of the top 10 Fintech Leaders, having strived to improve the blockchain and financial industry." El said. "The award also belongs to our team that worked very hard. DTC is the only MAS regulated payment company that has product for both consumer and merchant, and solution for both online and in-store payment, with card, fiat and crypto payment processing capability!"
First fully licensed cryptocurrency payment company in Asia to be selected for this year Mastercard Start Path program
DTC is the only Asia-based company to be selected for this year Mastercard Start Path. Founded in 2014, Start Path has engaged 350 startups globally. Approximately 1,500 startups annually are evaluated for entry to the program with a 2% acceptance rate. Through the Mastercard Start Path Crypto program, high-potential Web3 startups receive the opportunity to co-create and innovate, gain customized expertise from Mastercard, and access a diverse customer base through the company's global scale.
"We are excited to be part of this prestigious Start Path program by Mastercard and we believe there is great synergy between DTC, Mastercard and its ecosystem. As DTC build the next generation payment solution to bring crypto, cash, card together into a single platform, card players like Mastercard are key strategic partners for us and we look forward to learning and working with the Mastercard team," said El.
For more information about the Start Program this year, please refer to the Mastercard announcement: https://mstr.cd/3tdqySu
About Digital Treasures Center
Digital Treasures Center Pte Ltd ("DTC") is an enterprise payment service provider incorporated in Singapore with PCI-DSS level 1 certification and winner of the prestigious Fintech Partner Award at Singapore Fintech Festival. Our payment solution – DTC Pay, offers clients and merchants the ability to receive and settle payment, including cryptocurrency. DTC Pay is compliant, fast, secure and cost efficient. DTC is dedicated to building the payment infrastructure that would allow merchants and consumers to interact with fiat and cryptocurrency seamlessly.
Find out more at www.dtcpayment.com
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Mr. Desmond Yong
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Topic: Press release summary
Source: Digital Treasures Center (DTC)
Sectors: Exchanges & Software, Cards & Payments, Daily Finance, Banking & Insurance, Local Biz, FinTech
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