Merchant payment service provider OxPay is set to collaborate with NULS and veriTAG to develop stable tokens, or Central Bank Digital Currencies (CBDC) for purchases priced in Singapore dollars. 

NULS is an open-source, enterprise-grade adaptive blockchain platform offering fast-track business solutions for developers. 

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Meanwhile, veriTAG – which has developed a tagging solution built off NULS' blockchain – tags products and assets securely to the cloud using near field communication (NFC) and QR codes. The service is used in industries such as manufacturing, distribution, retail and healthcare.

As part of the partnership, NULS will provide the public blockchain infrastructure while veriTAG will set up the merchant and digital wallet ecosystem. 

OxPay will focus on payments settlement as well as the required Singapore licenses such as for merchant acquiring and domestic and cross-border money transfer. 

The stable tokens developed by NULS, veriTAG and OxPay will be made available for use in Asian markets.

Stable tokens are a type of cryptocurrency which is pegged to and/or backed by underlying real-world assets such as fiat money, commodities or even another cryptocurrency.

Transactions using stable tokens include properties, digital art auctions, NFTs (non-fungible tokens), as well as e-commerce purchases.

Benefits of using such tokens include being able to tap into the growing cryptocurrency market as well as having safe and secure online transactions.

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The collaboration is in line with OxPay’s suite of digital financial services that look aim to “deliver state-of-the-art payment solutions,” says Henry Tan, the company’s managing director.

“We are pleased to unveil this collaboration with NULS and veriTAG, which will position OxPay at the forefront of developments in blockchain technologies, as well as the cryptocurrency market,” he adds.

Shares in OxPay closed up 0.5 cents or 1.64% at 31 cents on Sep 30.

Cover image: file photo