KUALA LUMPUR: Frac Sdn Bhd (FSB) signed a memorandum of understanding (MoU) with Traxx IT Services Pte Ltd (TIS), a global secure payment services provider.
This strategic partnership is set to transform how fiat currencies and digital payment tokens work together in FSB’s enterprise ecosystem, making it easier for blockchain-based real-world asset tokens to gain widespread adoption.
Under the terms of this collaboration, FSB and TIS will develop a seamless payment process that allows enterprise customers to easily convert fiat currency into digital payment tokens and vice versa.
This will be achieved by integrating TIS’s secure and efficient payment processing services with FSB’s tokenisation platforms.
This partnership aims to connect traditional financial systems (Web 2.0) with the growing decentralised financial world (Web 3.0), creating a more accessible and user-friendly experience known as Web 2.5.
FSB CEO Japhet Lim Wei Jie said this partnership with TIS represents a significant step in making blockchain-based real-world asset tokens accessible to a broader audience.
“By enabling seamless fiat-to-digital and digital-to-fiat transactions, we are enhancing the functionality of our tokenisation platforms and paving the way for broader adoption of web3 technology across various sectors,“ he said.
FSB is a leading innovator in web3 technology, specialising in the fractionalisation of assets through advanced tokenisation platforms.
Founded in 2012, TIS is headquartered in Singapore and has established a strong regional presence with offices in the Philippines, Thailand, South Korea, and Hong Kong.
In November 2021, TIS was granted a major payment institution license by the Monetary Authority of Singapore.
TIS enables businesses to meet their daily payment processing needs through its payment modules, systems, and compliance platforms, all developed in-house and supported by experienced personnel.
The MoU outlines the key responsibilities of both parties, with FSB taking the lead in developing and deploying tokenisation platforms that facilitate the fractionalisation of assets.
These platforms will be integrated with TIS’s payment processing services via robust APIs provided by TIS’s development team.
This integration will support multiple card schemes such as NETS, Visa, Mastercard, JCB, and CUP, ensuring end-users a wide range of payment options.
TIS managing director Derek Han said the company’s secure and compliant payment processing services are designed to meet the demands of today’s digital economy.
“By working with FSB, we are enabling the conversion of traditional currency into digital assets in a way that is both seamless and secure.
“This partnership aligns perfectly with our mission to innovate and support the growth of digital financial services,“ he said.
A crucial part of this collaboration is creating a proof-of-concept (POC) payment process for one of FSB’s enterprise partners.
This POC will demonstrate the feasibility of purchasing on-chain tokens using fiat currency, marking a crucial milestone in the mass adoption of blockchain-based real-world asset tokens.
The partnership will also actively promote these integrated solutions to potential and existing enterprise partners, particularly in luxury assets, non-government organisations (NGOs), and intellectual property sectors.
FSB continues developing innovative solutions that leverage Web3 technology to unlock new asset management and investment opportunities.
By partnering with TIS, FSB is poised to deliver on its mission of bridging the traditional and digital financial worlds, making blockchain technology more accessible to the average, non-Web3.0-savvy user.
