Singapore, 29 November 2021 – Singapore’s leading cryptocurrency platform Coinhako has partnered with modern Banking-as-a-Service provider and embedded finance enabler, MatchMove to power their users’ wallets with the MoveFast collection and pay-out solution.
On 15 November 2021, Coinhako became the first local non-bank cryptocurrency platform to announce receival of in-principle approval from the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) services under the Payment Services Act (PSA). Coinhako is dedicated to building seamless access to a wide array of cryptocurrencies including Bitcoin, Ethereum, and Cardano, amongst others, to improve financial access in Asia. The platform currently offers wallet services for over 50 cryptocurrencies that can also be traded directly with fiat Singapore Dollars (SGD).
With MatchMove’s MoveFast product solution, Coinhako’s customers can now top-up and withdraw fiat SGD in real-time. This is made possible via secure virtual accounts which can be linked to a customer’s bank account for instant wallet top-ups and withdrawals while leveraging MatchMove's RESTful APIs for convenience.
The global crypto asset management market size is projected to grow at a compound annual growth rate (CAGR) of 21.5% from 2021 to 2026, with the APAC region being one of the major growth drivers. 1 Coinhako recorded a 1,000% increase in trading volume in the first eight months of 2021 compared to 2020, along with a robust increase in user base. Providing seamless payment solutions has become increasingly important to accommodate the platform’s robust growth.
Against this backdrop, MatchMove’s agile payments solutions set the stage for the faster growth of businesses. While providing end-to-end reporting, MatchMove enables businesses to focus on their ‘core’. Being one of the first amongst B2B FinTechs to be able to provide direct FAST to customers, MatchMove is a leader in providing world-class payments infrastructure. With ultra-fast integration, superb cost efficiency, and leading account management solutions, businesses are fully equipped for a faster launch with MatchMove.
“Providing seamless access to the crypto-economy in markets we serve has been core to the growth of Coinhako. MatchMove’s “MoveFast” solution supports this, as it provides a sustainable solution for our customers to enjoy instant fiat SGD top-ups and withdrawals on Coinhako. The MatchMove team has also shown great support integrating with Coinhako, which has allowed us to be more agile in facilitating payments for our customers. We firmly believe that this collaboration will further accelerate our growth as a platform.” said Co-founder and Chief Technology Officer, Gerry Eng.
"We are excited about this partnership, and we are confident that this unique offering will allow businesses like Coinhako to benefit from safe, secure, and convenient financial transactions. The use case is specially developed for the booming cryptocurrency sector. MatchMove has created a solution with impeccable simplicity keeping in mind the user-friendly value proposition of Coinhako. Innovation and financial inclusion form a core part of our mission as well. We believe with our product offering, Coinhako’s customers are primed to enjoy their platform experience even more with seamless wallets and card experience.” said MatchMove’s Chief Commercial Officer, Amar Abrol.
For more information related to MatchMove’s services, please visit our website at www.matchmove.com.
Founded in 2014, Coinhako is the leading platform for access to digital assets in Singapore. Established by industry experts Yusho Liu and Gerry Eng, Coinhako aims to provide seamless access to the crypto-economy in the Asia Pacific region, and currently hosts more than 300,000 registered users. Headquartered in Singapore, the firm is backed by prominent investors such as Tim Draper, Boost VC, and Jump Capital as investors. For more information, visit www.coinhako.com. To sign up on Coinhako, please visit www.coinhako.com/users/sign_up.
MatchMove is a fast-growing and disruptive fintech company in digital payments and next-generation banking. The company's proprietary Banking OS™ enables 'Banking-as-a-Service' and the capabilities of Spend.Send.Lend™ within any app. Envisioning a financially inclusive world as it wages war on cash, MatchMove's solutions help enterprise clients digitize payments and give the financially underserved segments the empowerment to move their money anytime and anywhere.
MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks. The company is headquartered in Singapore with offices in India, Indonesia, Vietnam, Hong Kong and the Philippines.
MatchMove Pay Pte Ltd.
Senior Associate, Asia PR Werkz
+65 9773 9268
Hako Pte Ltd. (Coinhako)
VP of Marketing
1 This statistic has been taken from the Research and Markets report on Crypto Asset Management Market Global Forecast