Why SBI just put millions behind a Singapore startup’s stablecoin push

Dtcpay, a Singapore payments company, has completed a $25 million Series A with SBI Group joining as a strategic investor, giving its stablecoin payments business fresh backing for product and merchant expansion.The company announced the close on Sept. 18, naming SBI Ventures Asset Pte Ltd and the SBI-NTU-Kyobo Digital Innovation Fund as the Japanese group's investment vehicles. Genedant Capital and existing investor Kwee Liong Tek also participated. Vertex Ventures Southeast Asia & India led the initial tranche.The funding will support a revamped business portal for enterprise customers, additional consumer features in the dtcpay app and expansion of its merchant network, the company said. Those priorities put the financing behind the tools businesses and customers use to transact, as dtcpay seeks to widen the use of stablecoins in everyday commerce.The $25 million figure is the total Series A, rather than the size of SBI's investment alone. Dtcpay did not disclose its valuation or the amounts contributed by individual investors.In the announcement, SBI Ven Capital CEO Eiichiro So described the investment as the start of a strategic partnership. He linked it to SBI's ambition ...