{"id":35024,"date":"2023-07-13T06:27:49","date_gmt":"2023-07-13T10:27:49","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/with-backing-from-billionaire-kwee-liong-tek-this-singapore-startup-is-bringing-crypto-payments-to-luxury-hotels\/"},"modified":"2023-07-13T06:27:52","modified_gmt":"2023-07-13T10:27:52","slug":"with-backing-from-billionaire-kwee-liong-tek-this-singapore-startup-is-bringing-crypto-payments-to-luxury-hotels","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35024","title":{"rendered":"With Backing From Billionaire Kwee Liong Tek, This Singapore Startup Is Bringing Crypto Payments To Luxury Hotels"},"content":{"rendered":"
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A<\/abbr>mid a rocky crypto market that eroded investors\u2019 appetite for the highly-volatile assets, Singapore-based startup Dtcpay has carved out a safe niche facilitating regulated crypto payments to high-end businesses.<\/p>\n

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Joining Dtcpay\u2019s growing list of adopters is one of Singapore\u2019s largest property groups, Pontiac Land, controlled by billionaire Kwee Liong Tek and his family. Dtcpay last month raised $16.5 million in a pre-Series A round led by Kwee, the chairman of Pontiac Land. The investment will see some of Pontiac Land\u2019s hotels soon accept payments in crypto, says Dtcpay CEO Kanny Lee. It will also grant Dtcpay access to potentially thousands of merchants on Pontiac Land\u2019s properties, he adds.<\/p>\n

\u201cA market thrives when a fire clears away the forest, allowing those that survive to grow back stronger,\u201d Lee says in a video interview from Dtcpay\u2019s office. \u201cWe\u2019re at that growth stage now where the market still has a demand, especially financial institutions such as Dtcpay who are ready to enter and service those clients.\u201d<\/p>\n

Dtcpay allows merchants to process payments in both fiat and cryptocurrencies. When customers pay in crypto, Dtcpay will mitigate the volatility of cryptocurrencies by \u201cinstantly\u201d converting them to fiat so that merchants can receive the exact invoiced amount, says Lee.<\/p>\n

Kwee\u2019s personal investment in Dtcpay comes as the crypto industry is still reeling from scandals and corporate collapses that led to an evaporation of some $1.8 trillion in market value; Dtcpay declined to disclose its valuation. A partnership with Dtcpay, however, is \u201ccompelling\u201d because it gives an opportunity for Pontiac Land to expand its payment options amid inquiries from hotel guests, says John Tay, a director at Kwee\u2019s private investment vehicle Kwee & Partners.<\/p>\n

\u201cThere\u2019s nothing fraudulent about the underlying blockchain technology of cryptocurrencies. In fact, the technology has potentially much wider applications and the Web3 industry is promising,\u201d Tay says. \u201cMany of these fraudulent and negative incidents are largely due to how people misuse the technology, intend to commit fraud and or try to circumvent regulations meant to protect end users, customers and businesses.\u201d<\/p>\n

Tay says Pontiac Land\u2019s Capella Hotel Group will start exploring crypto payments first. Others that involve third-party operators will take some time, he adds.<\/p>\n

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To be sure, crypto is still far away from being widely-adopted. A number of traditional businesses, however, do see demand from consumers. One of the latest companies to take the plunge is Ralph Lauren, which in April started accepting crypto in its new store in Miami, a crypto hub. Others that have partnered with crypto payment firms range from Google Cloud and Sotheby\u2019s, to Singapore billionaire Wong brothers\u2019 fashion company Charles & Keith.<\/p>\n

An increasing number of businesses looking to work with regulated entities and the rise of digital payment adoption have \u201cturbocharged\u201d Dtcpay\u2019s business, says Lee. The startup saw a 250% growth in clients in the first six months, attracting mainly high-end businesses in Singapore like luxury car dealerships and specialist medical clinics, he says.<\/p>\n

Dtcpay said it processed more than S$50 million ($37.7 million) in transactions in the first quarter. A comparable figure is not available because the firm only secured a digital asset license in Singapore to offer regulated services last August, says Lee. He estimates that the transaction value will experience a double-digit growth by the end of 2023. The firm is looking to expand its presence in Hong Kong this year and enter Dubai next year.<\/p>\n

\u201cMany merchants see the value of using cryptocurrencies for high-value transactions because blockchain network gas fees (transaction fees) are relatively low cost,\u201d Lee says. \u201cLet\u2019s say if you spend $250,000 for a car, then spending $2 on gas fees makes a lot of sense compared to traditional payments which charge 2% to 4% of the total amount.\u201d<\/p>\n

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Formerly known as Digital Treasures Center, Dtcpay was cofounded in 2019 by Alice Liu and her schoolmate at the National University of Singapore, Sam Lin. Lee joined Dtcpay in early 2023 to lead its expansion outside of Singapore.<\/p>\n

MORE FROM FORBES<\/h3>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Amid a rocky crypto market that eroded investors\u2019 appetite for the highly-volatile assets, Singapore-based startup Dtcpay has carved out a safe niche facilitating regulated crypto payments to high-end businesses. Joining Dtcpay\u2019s growing list of adopters is one of Singapore\u2019s largest property groups, Pontiac Land, controlled by billionaire Kwee Liong Tek and his family. Dtcpay last […]<\/p>\n","protected":false},"author":1,"featured_media":35025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-35024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nWith Backing From Billionaire Kwee Liong Tek, This Singapore Startup Is Bringing Crypto Payments To Luxury Hotels | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Amid a rocky crypto market that eroded investors\u2019 appetite for the highly-volatile assets, Singapore-based startup Dtcpay has carved out a safe niche\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=35024\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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