Dtcpay: No verified $10M Series A; latest US$16.5M pre-Series A
Contrary to reports of a US$10 million Series A, the latest funding dtcpay has publicly confirmed is a US$16.5 million pre-Series A completed in June 2023, according to the company (https://dtcpay.com/dtcpay-raises-16-5-million-to-expand-digital-payments-service/). The round was led by Kwee Liong Tek, Chairman of Pontiac Land Group, with participation from David Tung, Jean Marc Poullet, and Tham Sai Choy; the company said proceeds support product development, operational infrastructure, and expansion to Hong Kong and Dubai.
Labeling matters for investors and counterparties. The company itself described the 2023 transaction as a pre-Series A rather than a Series A, which helps explain the mismatch between rumor and the public record.
Why this matters for regulated stablecoin payments in Singapore
Regulatory status under Singapore’s Payment Services Act is central to trust in stablecoin payments. According to Rubicon Law, dtcpay holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore and is among the few MAS-licensed players in the digital payments and digital payment token space (https://www.rubicon-law.com/dtcpay-pre-series-a-fundraising-round/).
A licensed posture can streamline compliance checks for merchants and partners evaluating stablecoin acceptance. It also provides a clearer framework for custody, flows, and controls compared with unregulated alternatives.
In the absence of a verified US$10 million Series A, the roadmap remains anchored to the 2023 pre-Series A and the firm’s existing MPI license. Near-term execution is therefore expected to track stated priorities: building product, reinforcing infrastructure, and targeted rollouts in Hong Kong and Dubai.
Investor commentary at the time underscored the emphasis on regulated market integration. “From the moment we met with the dtcpay team, we saw their commitment to the regulated financial markets as fully licensed payments provider that could integrate well with our international portfolio of leading hospitality brands bringing them into the web3 economy,” said John Tay, representing the investment vehicle of Kwee Liong Tek.
MAS license, funding use, and expansion focus
dtcpay’s MAS Major Payment Institution (MPI) license: what it enables
The MPI license under Singapore’s Payment Services Act positions the firm to operate as a regulated payments provider within the country’s digital payments framework. This status is foundational for stablecoin payment use cases that require institutional-grade compliance.
How funds support product, infrastructure, and moves to Hong Kong, Dubai
Company statements tie the pre-Series A proceeds to product development and operational infrastructure, supporting merchant-focused stablecoin rails. The same disclosure highlights expansion plans centered on Hong Kong and Dubai.
FAQ about dtcpay Series A
What is dtcpay’s latest confirmed funding and when did it happen?
A US$16.5 million pre-Series A completed in June 2023.
Who led and participated in dtcpay’s pre-Series A round?
Led by Kwee Liong Tek; investors included David Tung, Jean Marc Poullet, and Tham Sai Choy.
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Source: https://coincu.com/news/dtcpay-confirms-16-5m-pre-series-a-holds-mas-mpi-license/
