Business Overview
Founded 2019 · Singapore-headquartered · regulated stablecoin payments
dtcpay (originally Digital Treasures Center) was founded in Singapore in 2019 by Band Zhao and Alice Liu as a digital payments start-up enabling cryptocurrency transactions for merchants and consumers. As the regulatory environment matured, the Company phased out volatile cryptocurrencies (e.g., BTC, ETH) at end-2024 and refocused exclusively on stablecoins, positioning itself as a regulated payments infrastructure provider.
dtcpay was granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS) in 2022, enabling direct connectivity with banks, card networks, and payment service providers in Singapore. The Company aims to bridge Web2 and Web3 to deliver seamless, secure, and scalable multi-currency transactions for the real world.
Founders & key management
Co-founders Band Zhao (Chairman) and Alice Liu (CEO) bring over two decades of entrepreneurial and banking experience respectively, combining deep fintech and institutional finance backgrounds.
The senior leadership team includes professionals previously with MAS, Binance, Visa, and Worldpay, supporting disciplined execution across compliance, product, and payments.
Board & strategic investors
Mr. Kwee Liong Tek, Chairman of Pontiac Land Group, led dtcpay's pre-Series A round in 2024, bringing a network of high-calibre directors to the six-member board.
Board members have held senior positions at J.P. Morgan, The Carlyle Group, McKinsey & Company, EDBI, and KPMG, providing strategic guidance across regulatory alignment, partnership development, and long-term governance.
Three segments on one regulated technology stack
dtcpay operates as a regulated multi-segment payments infrastructure platform. Its business model is anchored on a licensed technology stack supporting three segments — B2B, B2C, and B2B2C — each leveraging the same regulatory and technological foundation to address distinct use cases across the stablecoin payments ecosystem.
Corporates and financial institutions transacting cross-border in stablecoins and fiat
- Swap & FX engine
- Corporate dashboard
- PayByLink / Checkout
- Institutional treasury & settlement APIs
Swap & FX spreads (~0.5–1.0%); Merchant MDR (0–1%)
Individual retail users converting and spending stablecoins in everyday applications
- Multi-currency wallet
- Visa card
- QR / e-wallet payments
- Fiat cash-in / cash-out
Interchange (1.5–2.0% gross, ~1% net); FX & swap spreads
Partner platforms (exchanges, fintechs, Web3 wallets) embedding dtcpay's licensed payment capabilities
- White-label / co-branded Visa cards
- Embedded swap & payout APIs
- KYC/AML infrastructure
- Real-time treasury & settlement
Shared interchange + FX spreads; programme fees
Network flywheel. B2B infrastructure anchors institutional liquidity → B2B2C partner programmes scale distribution → B2C consumer activity drives transaction volumes that feed back into B2B liquidity depth and institutional demand.
Five-layer regulated architecture bridging stablecoin liquidity and traditional finance
Regulatory foundation — MAS Major Payment Institution (MPI) with Digital Payment Token permissions in Singapore; Luxembourg EMI obtained; Hong Kong TCSP / Money Lender / MSO licences secured in 2025; Australia DCE registration obtained; UAE CBUAE & VARA in review; Vietnam Da Nang IFC MoU and VIFC membership.
Automated KYC, AML/CFT, and on-chain transaction screening aligned with MAS and HKMA frameworks; partnerships with Sumsub for onboarding and chain-screening providers for transaction monitoring.
Direct integrations with banks (e.g., DBS, JPMorgan, CIMB, Bangkok Bank, Maybank), RTGS / instant-payment systems (e.g., FAST), card networks (Visa Principal Membership), and regional PSPs (e.g., Alipay+).
Proprietary swap engine, treasury management, and settlement modules executing 24/7 real-time stablecoin↔fiat conversion; internal liquidity netting tightens spreads as volumes scale.
Customer-facing surfaces: corporate dashboard, consumer wallet, Visa card programmes, partner APIs, and white-label issuance.
Together these layers form dtcpay's structural moat — multi-jurisdiction licensing, automated compliance, proprietary liquidity, and live merchant infrastructure that would take a new entrant multi-year regulatory timelines, banking relationships, and proprietary swap engineering to replicate.
254 active clients · diverse Web3 + fintech mix
| Metric | B2B | B2C | Total |
|---|---|---|---|
| Active clients (Jan-23) | 8 corporate · 0 FI | 17 | 25 |
| Active clients (Dec-24) | 53 corporate · 14 FI | 187 | 254 |
| 12-month churn (to Jun-25) | 5% | 8% | — |
| Growth · Jan-23 to Dec-24 | +563% corporate | +999% | +916% |
Top-30 B2B clients span crypto exchanges & OTC desks, payment processors & PSPs, Web3 corporates (DAOs, blockchain platforms), eCommerce & gaming platforms, and fintechs & remittance providers.
Partner programmes converting institutional trust to volume
- Alipay+ integrationSlated launch Q4 2024 / Q1 2025
Access to the Alipay+ QR network — 88M+ merchants globally and ~1.5B e-wallet users — with stablecoin-funded payments fiat-settled by dtcpay so Alipay never receives stablecoins.
- Trip.com payments APIUnder development
Stablecoin acceptance API integrated into Trip.com (~400M registered users; 1.2M hotel partners; 480 airline partners). Co-founder Min Fan is a dtcpay shareholder.
- Atome × dtcpay co-branded VisaTarget launch Q4 2025
dtcpay is the regulated issuer and KYC operator for Atome's first card programme (15M users, 20K+ merchants); initial market Philippines, broader SEA to follow.
- Exchange-branded cardsIn development
Partnership discussions with Curve (UK), Bitget (Singapore), and MetaMask for white-label or co-branded Visa cards leveraging dtcpay's principal membership.
Three competitor cohorts · dtcpay's right-to-win in each
dtcpay operates at the convergence of traditional finance and crypto. Its competitors fall into three cohorts: crypto-native payment providers (Web3 startups), modern fintech payment platforms (Web2 incumbents), and traditional payment networks and banks.
Broadest MPI scope in Asia (6 of 7 PSA activities); Visa Principal Membership unique in APAC; stablecoin-only focus eliminates token-volatility & banking risk; Singapore + Hong Kong + Luxembourg corridor footprint.
Fintech-grade UX (multi-currency accounts, FX, cards) with native stablecoin rails on the back-end. First-mover regulated approval for stablecoin acceptance, issuance, and settlement at a time when incumbents publicly hesitate.
Crypto-native interoperability layer that complements (rather than competes with) fiat infrastructure. Funnels incremental volume into Visa & banking networks while serving Web3 segments TradFi avoids on compliance grounds.