UK-based fiat-to-crypto payment integration tool, Transak, announced it has eased its onboarding process and made its local payments services available for users in Thailand.
This comes as Thailand was among the first countries in the Southeast Asia region to enact cryptocurrency legislation to regulate the offering of digital assets and trading of crypto-related businesses.
“Transak has reached a point in its evolution where expansion to new regions such as Southeast Asia [is] inevitable,” Sami Start, chief executive of Transak, said.
“We are committed to creating opportunities for new audiences to be able to onboard from fiat to crypto intuitively and will continue this mission as a part of our roadmap.
“As NFTs and crypto gaming continue to rise in popularity our team saw that this was the right time for us to provide our services.”
Transak’s payments service is now available within its application programming interface (API)-powered widget, allowing users to purchase cryptocurrency via debit credit cards, Bangkok Bank iPay and Mobile Banking, and Standard Chartered Bank Easy Pay and Mobile Banking.
“With our ever-growing penetration in Southeast Asia, this was a much-requested ask from our partners,” Sharad Agarwal, head of product at Transak, said.
“We are very excited that our Thai users can now transact in the payment instrument of choice and be instrumental in the adoption of Web3 technology across the region.”
Transak’s technology also aims to simplify the processes of risk monitoring, compliance, customer support, adhering to know your customer (KYC) guidelines and payment methods.