South Korean crypto payments firm Paycoin has forged an alliance with TripleA, a Singapore-based crypto payment company, to facilitate crypto payments across the globe.

The partnership is based on a memorandum of understanding (MOU) signed between Payprotocol, issuer of Paycoin (PCI), and TripleA.

It will see the Paycoin users making payments with PCI to the merchants associated with TripleA.

Under the collaboration, both the firms will also work with government agencies and global financial regulators to abide by anti-money laundering rules.

The partnership has helped Paycoin to foray into Singapore as its first global market.

PayProtocol CEO Ryu said: “Paycoin was founded as Danal is aiming to create a global payment network. With this partnership, we will continue to maximize the benefit of blockchain technology, and build a global payment network around Paycoin.

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“Furthermore, we will also create a regulated and licensed environment for our partners to operate within, to ensure that we will not be used as a vehicle for illicit activities like money laundering.”

PayProtocol, a subsidiary of integrated payment solution firm Danal, offers virtual asset payment services driven by Paycoin blockchain.

The Paycoin can eliminate intermediaries in the current payment process as well as offer reduced transaction fees and quicker settlements to merchants.

TripleA CEO Eric Barbier said: “TripleA is happy to partner up with Paycoin as its global payments provider.

“This is a mutually beneficial partnership that will connect PayProtocol with merchants globally, and also give TripleA keen insights into the Korean market.”

Founded in 2017, TripleA enables businesses to pay and receive payments in digital currencies.

In December last year, the firm received a digital payment token licence from the Monetary Authority of Singapore (MAS).