FRAC Sdn Bhd (FRAC), a web3 technology innovator specialising in fractionalisation of assets through advanced tokenisation platforms, has inked a memorandum of understanding (MOU) with TRAXX IT Services Pte Ltd, a trusted provider of secure payment services globally.
Founded in 2012, the Singapore-headquartered TRAXX has established a strong regional presence with offices in the Philippines and Hong Kong.
In November 2021, TRAXX was granted the Major Payment Institution license by the Monetary Authority of Singapore (MAS).
TRAXX enables businesses to meet their daily payment processing needs through its top-of-the-class payment modules, systems and compliance platforms, all of which are developed in-house and supported by a team of experienced personnel.
This strategic partnership is poised to revolutionise the interaction between fiat currencies and digital payment tokens within FRAC’s enterprise ecosystem by driving the mass adoption of blockchain-based real-world asset tokens.
Under the terms of this collaboration, FRAC and TRAXX will work together to 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 through the integration of TRAXX’s secure and efficient payment processing services with FRAC’s cutting-edge tokenisation platforms.
The partnership is set to significantly bridge the gap between traditional financial systems (Web 2.0) and the burgeoning decentralised financial landscape (Web 3.0), hence creating a more accessible and user-friendly experience which is often referred to as Web 2.5.
“This partnership with TRAXX represents a major step forward in making blockchain-based real-world asset tokens accessible to a wider audience,” commented FRAC CEO Japhet Lim Wei Jie.
“By enabling seamless fiat-to-digital and digital-to-fiat transactions, we are enhancing the functionality of our tokenisation platforms and also paving the way for broader adoption of web3 technology across various sectors.”
The FRAC-TRAXX MOU outlines the key responsibilities of both parties with FRAC taking the lead in developing and deploying tokenisation platforms that facilitate the fractionalisation of assets.
These platforms will be integrated with TRAXX’s payment processing services via robust APIs (application programming interfaces) provided by TRAXX’s development team.
Such integration will support multiple card schemes, thus ensuring a wide range of payment options for end-users.
A significant focus of the collaboration is the development of a proof-of-concept (POC) payment flow for at least one of FRAC’s enterprise partners.
This POC will demonstrate the feasibility of purchasing on-chain tokens using fiat currency which marks a crucial milestone in the journey toward mass adoption of blockchain-based real-world asset tokens.
Additionally, the partnership will also actively promote these integrated solutions to potential and existing enterprise partners, particularly in sectors such as luxury assets, NGOs and intellectual property. – Sept 2, 2024
