AsiaPay, a prominent 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 creator of the first MYR-denominated stablecoin (MYRC). The collaboration aims to jointly explore and develop cryptocurrency digital payment solutions specifically tailored for the Malaysian market.

As consumers worldwide increasingly adopt cryptocurrencies for their simplicity and security, AsiaPay and BLOX are gearing up to address this paradigm shift in payment preferences. Recognizing the growing demand for cryptocurrency acceptance, the two companies are set to create a cryptocurrency payment service provider that acts as an intermediary for processing cryptocurrency payments between payers and receivers. This initiative will empower Malaysian merchants to accept crypto payments both online and at physical locations, offering a seamless payment service.

Acknowledging the challenge of cryptocurrency price volatility, especially with currencies like Bitcoin and Ethereum, the collaboration emphasizes the importance of stablecoins. These stablecoins, typically pegged to widely accepted fiat currencies, provide a more reliable option for businesses by mitigating the fluctuating prices associated with mainstream cryptocurrencies. The efficiency of blockchain-based payments and instant settlement, coupled with stablecoin use, has gained traction, particularly in the business-to-business (B2B) segment.

Loo Tak Kheong, Country Head and director at AsiaPay Malaysia, remarked, “At AsiaPay, we provide payment acceptance solutions with multi-currency, multi-lingual, multi-card, and multi-channeled payment capabilities. By adding payment method via crypto, we believe this will further enhance the value-add service to our Merchants and Partners in the payments ecosystem.”

Ethan Chung, CEO and Co-Founder of BLOX, expressed excitement, stating, “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.”

The MOU signifies a strategic step towards innovating digital payment solutions in Malaysia, offering merchants more diverse and secure options in response to the evolving landscape of consumer preferences.