AsiaPay Participation in Bank Negara Malaysia Sandbox to explore crypto-as-a-payment In Malaysia

KUALA LUMPUR, Malaysia, Jan. 10, 2024 /PRNewswire/ -- AsiaPay a leading provider of digital payment solutions in the Asia Pacific, has entered into a memorandum of understanding (MOU) with BLOX, an emerging Malaysian Web 3.0 company and developer of the first MYR denominated stablecoin (MYRC) to jointly explore and develop cryptocurrency digital payment solutions for the Malaysian market.

With consumers increasingly opting for new payment methods that are simple yet secure, cryptocurrencies are rapidly becoming popular across the globe. Businesses are under pressure to adapt to this change and enable more options at the point of purchases, but these business in most part need the support of their payment service providers.

A cryptocurrency payment service provider would act as an intermediary between the payer and the receiver for processing the cryptocurrency payments, allowing merchants to accept payments in cryptocurrencies both online and at physical locations. The service provider takes care of the complex backend workflow of crypto payments and offers buyers and sellers a seamless payment service.

However, volatility in cryptocurrency prices (i.e. Bitcoin or Ethereum) is a major pain point for such adoption, as merchants would have to have fluctuating prices that update in real time.

Volatility in cryptocurrency prices have led to the emergence of stablecoins that are usually pegged to a widely accepted fiat currency. Use of stablecoins has gained traction, especially in the business-to-business (B2B) segment, where the efficiency of blockchain-based payments and instant settlement can be delivered while managing the volatility.

Loo Tak Kheong, Country Head, Director at AsiaPay Malaysia said: "At AsiaPay, we provide payment acceptance solutions with multi-currency, multi-lingual, multi-card, and multi-channeled payment capabilities, which we believe by adding an additional payment method via crypto, will further enhance the value-add service to our Merchants and Partners in the payments ecosystem."

Commenting on the MOU signing, Ethan Chung, CEO and Co-Founder of BLOX said, "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."

About AsiaPay

Founded in 2000, AsiaPay, a premier electronic payment service, and technology player strive to bring advanced, secure, integrated, and cost-effective electronic payment processing solutions and services to banks, corporations, and e-Businesses in the worldwide market, covering an array of international credit card, debit card, prepaid card, net banking, eWallet, and QR, as well as cash collection.

AsiaPay is an accredited payment processor and payment gateway solution vendor for banks certified ISO and PF for serving merchants, certified international 3-D Secure vendors for Visa, MasterCard, American Express, and JCB. AsiaPay offers a variety of award-winning payment solutions that are multi-currency, multi-lingual, multi-card, and multi-channel, together with its advanced fraud detection, payment analytics, and management solutions.

Headquartered in Hong Kong, AsiaPay offers its professional ePayment solution consultancy and quality local service support across its other 16 offices in Asia including Australia, Thailand, Philippines, Singapore, Malaysia, Mainland China, Taiwan, Vietnam, Indonesia, and India.

For more information, please visit www.asiapay.com and www.paydollar.com

About BLOX

BLOX is a Web 3.0 company which specializes in the payment infrastructure of digital assets. We enable fast and safe access to digital assets market and decentralized finance

applications through the BLOX APIs and stablecoins for individuals and businesses.

MYRC, a 1:1 MYR-backed stablecoin issued by BLOX, empowers individuals and businesses with a stable and secure digital currency readily exchangeable for the Malaysian Ringgit. This opens up a world of financial possibilities, from seamless cross-border payments and faster settlements to enhanced transparency and accessibility in financial services.

For more information on BLOX, please visit https://www.blox.my/