Today, six significant charities in Singapore signed a Memorandum of Understanding (MOU) with Crypto.com, a renowned global leader in regulatory compliance, security, and privacy with over 80 million customers. The purpose of the MOU is to help foster the acceptability of contributions in digital assets, which Crypto.com will handle and change to fiat currency on behalf of the charities. The six participating charities are The Salvation Army Singapore, Limitless, CARE Singapore, Cycling Without Age Singapore, Dementia Singapore, and MINDS.
Through a relationship with Crypto.com, the organizations would be able to safely and securely receive contributions in digital assets, possibly growing donor pools to support their humanitarian causes and assist the most disadvantaged.
The collaboration will also look at joint Web3, GenAI, and blockchain projects to address issues like enhancing cross-border payments and transparency that the non-profit sector faces. Additionally, Crypto.com and the organizations have committed to collaborating on working together education and awareness campaigns about the potential of blockchain and artificial intelligence to transform the global philanthropy scene.
Chin Tah Ang, General Manager, Singapore, Crypto.com stated:
“We know that the crypto community is one that is extremely active and passionate about making a positive impact, so helping these incredible charities accept donations in digital assets will allow them to reach a new segment of tech savvy donors. As a company, we strongly believe in the potential of blockchain and AI technology to deliver innovative solutions that align with our mission and make a positive impact. We are proud to work with this group of well-respected charities and help the non-profit sector in Singapore embrace the benefits of Web3 technology.”
One of the well-known partners, The Salvation Army, has been investing in strategic alliances, sustainable projects, and digitally disruptive initiatives. They recently celebrated their 88th year of doing good in Singapore in 2023. It is highly anticipated that the collaboration would enable the organization to progress in addressing evolving digital environments, governance issues, and non-profit fundraising.
Major David R. Erickson, Secretary for Business Administration, The Salvation Army stated:
“This is an exciting new development for the non-profit sector to evolve and adapt innovative Web3 solutions to improving access, efficiency, and security in fundraising. As an incumbent, The Salvation Army is continually exploring ground-breaking solutions and we believe that ledger based digital transactions is the future with increasing global awareness and adoption. The technology is further bolstered by the well-regulated and strict KYC and AML procedures in Singapore. We are proud to be able to journey with Crypto.com, the leader in regulatory compliance and security certifications, in leveraging Web3 solutions to do good.”
On December 13, in The Salvation Army Fellowship Hall, the president of the Singapore Fintech Association, Shadab Taiyabi, together with officials from the six charities and Crypto.com, observed the signing of the MOU.
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