AsiaPay Partners with BLOX to Explore Crypto Payment Solutions in Malaysia
Digital payment company AsiaPay has announced its partnership with BLOX, a Malaysian web3 firm, to explore payment solutions around digital assets in the country. AsiaPay’s move comes as more sectors emerge and businesses rapidly scale in Malaysia and the wider sub-region, necessitating the need to look into other payment options.
In a press release, AsiaPay highlighted the signing of a memorandum of understanding to look into crypto-as-a-service solutions in the country and the benefits for businesses to onboard more purchase options. This move by AsiaPay is reflective of the growing adoption of cryptocurrencies in the financial market, with Bitcoin (BTC) and other cryptocurrencies becoming increasingly popular for payments and remittances.
The firm emphasized the need for crypto payment providers to act as intermediaries between consumers and businesses to remove complexities and facilitate adoption while targeting more use cases. Additionally, cryptocurrencies have been tipped to aid in cross-border payments by many international corporations due to their potential to streamline transactions.
While cryptocurrencies for businesses are gaining traction in several markets, challenges remain, particularly in managing the fluctuations in cryptocurrency prices. This has led to the mass adoption of stablecoins as a payment and bridge between centralized and decentralized finance (DeFi), especially in business-to-business (B2B) setups.
Ethan Chung, the co-founder of BLOX, expressed optimism about the partnership and its potential to empower businesses and users with crypto payments in Malaysia, enabling merchants to accept crypto payments effortlessly. Tak Kheong, on behalf of AsiaPay, also emphasized the company’s commitment to providing payment acceptance solutions with multi-currency, multi-lingual, and multi-channeled payment capabilities, thereby enhancing the value-add service to merchants and partners in the payments ecosystem.
The AsiaPay and BLOX partnership represents a significant milestone in the expansion of business offerings in the region through digital assets, indicating a forward-looking approach to payment solutions in Malaysia. As the crypto landscape continues to evolve, collaborations between traditional payment providers and crypto firms pave the way for innovative and inclusive financial solutions.
