Coinbase opens local bank transfers for Singapore users at no cost

Cryptocurrency exchange Coinbase will let customers in Singapore move funds to and from accounts via local banks, smoothing one path to investing in digital assets at a time when markets are on edge over financial stability and crypto banking.

Transfers, in Singapore dollars, are facilitated by a traditional bank, Standard Chartered, and carry no fee, the company said in a statement. Previously, users could only purchase crypto via a Visa or Mastercard debit or credit card, or transfer crypto in and out of their Coinbase account.

Hassan Ahmed, Coinbase's country director for Singapore, told Reuters in an interview the move was part of the company's international expansion strategy. Rivals Crypto.com and Gemini already offer a similar service.

Coinbase, which last year received in-principle approval from the Monetary Authority of Singapore (MAS) to offer payment services in the city-state, is looking to ramp up its Singapore retail offerings, said Ahmed.