Singapore Embracing Digital Assets: DeCard Visa Card Launched
Singapore is embracing digital assets, with over half of owners using them for payments and 67% planning to increase usage. The DeCard Visa card, launched by DCS Card Centre and Visa, merges traditional finance and digital assets, offering a regulated micro credit card solution.
The DeCard Visa card, available on the Apple Store and Google Play, allows users to fund their accounts with Singapore dollars (SGD) and digital assets like USDT and USDC. Elsa Qiu, Chief Commercial Officer at The Green Labs LLC, notes the growing adoption of digital assets in Singapore, with 26% of residents owning them in 2024.
Cardholders can make cash withdrawals at ATMs worldwide, except in Singapore, with no annual fees and ATM withdrawal fees capped at SGD5 or 1% (whichever is lower). The card provides high flexible spending and top-up limits, enabling users to access the value of their existing assets for spending, following a 'spend-what-you-have' model. It also offers competitive single conversion costs from digital assets to SGD, potentially saving over 50% on FX transaction fees.
The DeCard Visa card, a collaboration between DCS Card Centre and Visa, caters to the growing digital asset market in Singapore. With no annual fees, competitive conversion costs, and high spending limits, it offers users a flexible and cost-effective way to manage and spend their digital assets.
