Media release Independent Reserve brings greater ease and convenience to Singapore users with PayNow

  • Instant, secure and convenient SGD deposit option raises the bar for Singapore users
  • Part of the exchange’s ongoing effort to continually enhance platform offerings

Singapore, [13] December 2023 – Independent Reserve, the first licensed cryptocurrency exchange for all investors in Singapore, is bringing greater ease and convenience to its Singapore users with the introduction of PayNow on its platform today.

Users can now enjoy the smooth and secure process of depositing Singapore Dollars (SGD) to their wallets – with zero-fee deposits of up to S$200,000 –  just by scanning the PayNow QR code. Say goodbye to the risk of keying in erroneous bank transfer details or the hassle of juggling multiple screens.

Lasanka Perera, CEO of Independent Reserve Singapore, said: “Embracing innovation is key to us at Independent Reserve, and our latest partnership with PayNow demonstrates our commitment towards efficiency, accessibility, and empowerment.

“Seamlessly integrating our wallets with PayNow will bring greater convenience and improve the overall user experience. This also aligns with our mission of providing a safe and secure way for the mainstream adoption of crypto, as well as the growing crypto and Web3 community in Singapore.”

Singapore users currently enjoy instant SGD deposits 24/7 with FAST transfers and USD using SWIFT.   Customer registration and verification is also streamlined and fuss-free with SingPass. 

Safety and security paramount as crypto emerges as a popular, long-term investment

With crypto emerging as a popular long-term investment, ensuring a convenient and reliable user experience with platform features such as PayNow will be key. As a secure fund transfer service that allows retail and corporate customers to send and receive money directly into their participating bank account, PayNow is available on most major banking apps and websites in Singapore, lending even greater accessibility and convenience.

Today, 43% of Singaporeans have already invested in cryptocurrencies; of which 77% hold two or more cryptocurrencies, according to the 2023 Independent Reserve Cryptocurrency Index (IRCI). Moreover, the IRCI also indicated that portfolio diversification is the primary driving force for crypto adoption, signifying the growing interest in cryptocurrency among investors. 

“We have seen very strong trading volume growth in Singapore over the last 12 months as crypto continues to appeal to existing investors and new entrants to the market, coupled with exciting upcoming market developments such as the Bitcoin halving event,” Mr Perera said. 

“As one of the world’s longest-running crypto exchanges with 10 years of experience, we have always believed in doing things the right way. Ensuring the ongoing safety and security of our platform and our users through efforts such as PayNow integration will remain paramount to us.” 

Ongoing process to enhance user experiences

The integration with PayNow in Singapore reflects the exchange’s continual effort to prioritise and enhance user experiences across the markets where it operates. 

Independent Reserve inked a partnership in Australia with digital currency payments platform RelayPay last week. Through this, its customers across Australia and New Zealand can use liquidity on its platform to issue invoices and easily accept payments in a range of cryptocurrencies such as Bitcoin, Ethereum, USDC and USDT, among others.

Earlier in August 2023, Independent Reserve was the first digital currency exchange site to integrate PayPal in Australia, offering a simple and convenient deposit and withdrawal process. 

Mr Perera concluded: “We’re obsessive about customer service. PayNow is just one of many enhancements to help optimise our customers’ journeys, and we’ll definitely plan for more products and improvements in the future.”


About Independent Reserve

Founded in 2013, Independent Reserve is Singapore’s trusted cryptocurrency exchange. Independent Reserve is the first exchange licensed by the Monetary Authority of Singapore to provide a secure platform for trading and investing in digital assets. With a focus on trust and safety, the exchange serves discerning traders and investors by offering competitive fees, advanced trading tools, and comprehensive educational resources. Adhering to the highest standards of governance, compliance, and security, Independent Reserve empowers institutions and individuals in Singapore to confidently navigate the world of cryptocurrencies.