If you run a business in Singapore dealing with international customers, you’re likely asked for payment in multiple forms. Some want to pay in SGD via bank transfers, while others want to pay with cryptocurrencies or stablecoins. The thing is: to capture both types of demand, you need a gateway that supports both fiat and crypto payments in Singapore. Because, without that, you’re leaving money on the table.

Today, consumers expect payments to be quick, reliable, and secure. On top of that, because Singapore has a strong regulatory regime, you cannot just pick any crypto gateway and plug it in. You need a regulated payment gateway that delivers fast transactions and supports both fiat and crypto.

In this blog, we’ll discuss how gateways operate in Singapore, what criteria makes one of them the best payment gateway, the features you should look for, the regulatory backdrop, and future trends. So, if you’re thinking “crypto checkout for businesses” or “best hybrid payment solutions”, this blog post is for you.

Understanding payment gateways in the Singaporean context

In Singapore, payment gateways act as the bridge between customers, merchants, and financial institutions. They handle everything from transaction authorization to fund settlement, ensuring smooth and compliant payment flows. With Singapore’s strong fintech ecosystem and clear MAS regulations, modern gateways are evolving to support crypto, stablecoins, and cross-border payments, making them an essential part of the country’s digital commerce landscape.
In today’s landscape, businesses must choose a gateway that supports both fiat and crypto, basically one which lets you accept, for example, a credit-card payment in SGD and also a stablecoin payment in e.g. USDT or another digital token. It must also come with the capability to convert crypto to fiat (if you choose) or settle crypto into your preferred token, and then deposit into your bank account or digital asset wallet. 

What makes a gateway "the best" in Singapore?

1. Security standards
   You’ll want a gateway that has full AML/CFT controls, meets Travel-Rule obligations, and has secure custody arrangements for digital assets because Singapore’s standards are quite strict. Additionally, it should also have Two-Factor Authentication (2FA), automatic fraud detection, and chargeback management capabilities.
   
2. Speed and reliability
   Fast crypto transactions matter for e-commerce. Your gateway should settle quickly, support instant crediting or conversion to fiat, and have minimal downtime.
   
3. Fee structure
   If the fees hide extra layers (e.g., crypto-to-fiat conversion, FX, bank settlement), you might unexpectedly eat into margins (for instance, due to hidden FX fees). A good payment gateway will make all costs visible and aim for competitive rates.
   
4. Integration and user experience
   A great payment gateway should be easy to set up and use. If you run an online store, one-click plugins for Shopify, WooCommerce, or Wix can save you a lot of time and hassle. And if your business is more complex, like a marketplace or multi-currency platform, having a clear, developer-friendly API helps. It lets you customize how payments work, choose your payout currency, and support local or global payment methods without extra stress.
   
5. Customer support and local accessibility
   24/7 support (via chat or phone) matters especially when you deal with cross-border/crypto problems outside standard business hours. Pick a gateway that speaks your language, supports your region specifically, and integrates with local payment methods, rather than only global generic support.

Why is TransFi Checkout the best crypto & fiat gateway in Singapore?

TransFi Checkout is a powerful Web3 payment gateway fully functional and deployable in Singapore. It offers both fiat and crypto integration and lets businesses accept both SGD as well as digital currencies such as USDT, USDC, BTC, ETH, etc, through a single operating point. 

Whether your customer pays in fiat or crypto, TransFi can handle end-to-end conversions, compliance and settlement, ensuring you and your business gets paid in your preferable currency and with convenience. 

Key features of TransFi’s crypto and fiat payment gateway

1. Real-time settlements and conversions
   Enables merchants to settle payments in real-time in any currency of their preference. Additionally, it enables you to convert crypto payments received to a desired fiat currency (e.g., SGD) with locked-in exchange rates, mitigating crypto volatility risk. 

2. Dual currency strategy
   TransFi allows seamless SGD-crypto payments enabling merchants to receive both digital and fiat currencies without having to switch between platforms.

3. Regulated and secure process
   TransFi works with regulated partners and meets local (MAS) as well as global compliance standards. 

4. One-click integrations
   Allows one-click plugins on popular e-commerce platforms, such as Shopify, WooCommerce, Magento, and Wix, for an easy setup.
   
5. Increased conversions
   By offering extensive payment options (crypto, cards, bank transfers, local methods), it minimizes cart abandonment and maximizes completed sales.
   
6. Local focus and global reach
   TransFi helps businesses to accept payments from 100+ countries and settle them in Singapore Dollar (SGD) or cryptocurrency, offering flexibility and convenience. Further, it provides more than 300 local payment options, 40+ currencies, and 130+ digital assets.

Also read about: USDT Payout and Collection in Germany – Deutsche Bank and Commerzbank

The current regulatory landscape

Singapore welcomes innovation, but also makes sure it happens safely. Let’s look at rules & regulations:

1. AML/KYC compliance

All crypto service providers in Singapore are required to verify user identity before letting them trade or transfer funds and monitor transactions for suspicious activity. They are also obligated to report any red flags to the authorities.

2. Payment Services Act
   In Singapore, everything related to digital payments and crypto is mainly overseen by the MAS Monetary Authority of Singapore. In 2019, MAS introduced the Payment Services Act (PSA), which is designed to regulate payment systems, digital tokens, and crypto-related services.
   
3. Singapore’s take on stablecoins

Stablecoins are taking the spotlight in international payments. In 2023, MAS announced new stablecoin regulations that emphasize safety and trustworthiness. Under these new rules, only stablecoins that are entirely backed by high-quality reserves will be approved. Moreover, issuers will need to abide by tight disclosure and capital requirements.

Future outlook

Singapore's payment scene is undeniably heading towards a more connected and digital future. The e-SGD is on the horizon, and once it launches, it could coexist seamlessly with payment gateways that already process both crypto and fiat.

Concurrently, interoperability and cross-border payments become the next big thing. Singapore is heavily invested in payment innovation globally, and as regulations mature, gateways facilitating crypto + fiat cross-border transactions will be in the limelight.

If your business wants to stay ahead of the curve, wait no more and sign up at TransFi Checkout to enjoy a strong global presence and no cart abandonments.

FAQs

1. What are the things to look for in fiat and crypto payment solutions for e-commerce?
   Look for: support for local fiat (SGD), support for crypto payments (stablecoins, major tokens), transparent fee structure, fast settlement, strong security/AML, plugins for your platform, and good local/regional support.
   
2. What are some secure and regulated crypto gateways in Singapore?
   Select gateways that either possess MAS payment licenses or collaborate with MAS-licensed organizations, have clear AML/KYC, and have local Singapore support. TransFi Checkout is amongst the most secure crypto payments in Singapore, offering both local as well as global compliance, alongside enterprise grade security.
   
3. How to accept crypto and fiat payments in Singapore?
   Accepting both crypto and SGD may seem complicated initially, but with TransFi, it's made to be seamless, secure and finally accessible to all users. Here's how Singaporean companies can begin accepting fiat and crypto without discrepancies:

• Sign Up on TransFi 
• Choose your settlement preferences 
• Integrate TransFi Checkout 
• Start accepting payments
  

4. Does TransFi support integration with top e-commerce platforms?

Yes, the setup and deployment is made easy with TransFi as one can easily integrate TransFi’s Web3 payment gateway into their e-commerce website, app or POS system with developer friendly APIs. Moreover, TransFi Checkout offers one-click plugins for major e-commerce platforms, including Shopify, WooCommerce, Magento, and Wix.

5. What is the importance of choosing MAS-compliant payment platforms for businesses in Singapore?
   Selecting MAS-compliant payment platforms guarantees that a company is operating within the legal and regulatory environment of Singapore. It defends against fraud, money laundering, and compliance issues as well as wins trust from customers and partners.