The Bigger The Waves, The More Expensive The Fish

dtcpay CEO, Liu Jia, had dreams of integrating all payment methods in to one. We talk to her about her journey and the growth of an innovative company making waves in the payment industry.

CEO of dtcpay, Liu Jia’s remarkable story begins with her affinity for Singapore. In 2019, seeking a break to rejuvenate herself, she took a leap of faith by resigning from her position as Managing Director of Corporate Banking at China Minsheng Banking Corp., Ltd. Hong Kong Branch. The next step was to enrol in the Executive Master of Business Administration program at the National University of Singapore. She jokingly remarks that her zodiac sign is Leo and that she felt predestined to arrive in Singapore or Singa Pura, the Lion City.

During her studies, she connected with elites from various tech fields such as blockchain, cryptocurrency, and financial payments. Aside from attending lectures, she engaged in discussions with classmates to fill gaps in her knowledge which was to lead to much greater things. The Payment Services Act (PSA) in Singapore is one such thing she learnt about from a classmate involved in blockchain and digital currencies. The PSA mandates that service providers offering Digital Payment Tokens (DPT) must apply for a licence from the Monetary Authority of Singapore (MAS). She gradually sensed Singapore’s government support for financial technology, its open and inclusive attitude towards cryptocurrency and blockchain, and the enormous potential of new technology and emerging industries. As a consequence, she and her classmates went on to apply for a licence from MAS together.


In her first year at NUS, Liu Jia, along with a like-minded friend, founded the payment company dtcpay and assumed the role of CEO. Today, the company has evolved into a Major Payment Institution (MPI) authorised by MAS, providing DPT services, and covering almost all payment activities under MAS. This profound professional terminology can sometimes be baffling to outsiders and a well-known player can help for context. For example, is her vision similar to Alipay?

“Not entirely. Alipay is our partner. When my partners and I went to a restaurant and found that it needed multiple POS terminals for payments, we envisioned a dream of integrating various payment methods such as credit cards, Alipay, WeChat Pay, and even cryptocurrency payments into one machine, an all-in-one dream. It’s not easy, but we’re working towards it.

I also wondered why traditional payment methods can’t be done with blockchain technology? Decentralised blockchain is traceable, with real-time transactions and high efficiency. Using technology can make payments more convenient. In short, dtcpay is the bridge between Web2 and Web3 payments.”

“In short, dtcpay is the bridge between Web2 and Web3 payments.”

In 2022, dtcpay was officially granted permission to provide DPT services, making it the fifth company in Singapore to receive such permission (to date, 20 companies have been granted this permission). The application process required exceptionally detailed information; MAS’s investigation and authentication of the applicant’s background and identity was meticulous. After waiting for two years and ten months the approval finally came.

Although it is an immature emerging industry, many companies are still involved in sharing the pie.

“At first, there were over five hundred com- panies applying together. Our circle is not exclusive; it’s all about healthy competition. For example, when a company receives a licence, we all congratulate each other. The more companies join, the more it promotes the development of the entire industry. I believe that healthy competition will accelerate technological development. I also hope that we can eliminate the phenomenon of using this industry for malicious purposes and work together to clean up the blockchain industry.”


Liu Jia makes clear that the biggest challenge in her line of work is awareness. This was especially true during the early stages of dtcpay when people knowledgeable in blockchain were scarce. In addition, the lack of well-established laws and regulations has also been a headache. There are no precedents to refer to, only references to the highest certifications in traditional financial industries, followed by research and exploration in new fields. Another challenging hurdle is finding employees.

“The team is crucial! They say management is about managing people. One of my goals is to gather capable people to work happily together. But finding the right people to do the right things is really difficult.”

Tech startups in their early stages rely on burning money to sustain themselves. Initially, she and her partners funded the company’s operations, and later, there were offers to buy their licence permits, all of which were politely declined.

“After finally obtaining the ticket (licence) to operate compliantly, how could I give up so easily? No matter how tough it gets, I have to persevere.”

Today, dtcpay has also achieved a phased victory and is about to break even.


Compliance is one of Liu Jia’s goals. All clients applying to open accounts with dtcpay un- dergo rigorous scrutiny (such as determining the source and purpose of their funds), earning the company the reputation of being the most stringent tech company in Singapore against money laundering and terrorist financing.

“The bigger the waves, the more expensive the fish.”

Regarding the development prospects of the Singapore market, the humorous Liu Jia quotes a classic line from the popular Chinese TV drama “Kuang Biao”: “The bigger the waves, the more expensive the fish.” When an emerging industry is in its wild growth phase, or when compliance costs are cut, one naturally earns big money. But “a gentleman loves money in a proper way,” and Liu Jia will stick to her original intention and do the right thing with the right people.

When it was first established, the team consisted of only five people. Now it has expanded to more than a hundred people and has established offices in Southeast Asia and beyond. After obtaining the Singapore licence, her next step is to apply for payment licences in Hong Kong, Dubai, and even Europe, spreading dtcpay’s footprint worldwide.


The warm and caring traits of Liu Jia pervade the whole of her life. Even before coming to Singapore, she had always been passionate about charity work. After settling in the Lion City, she continued to devote herself to charity. Besides personally contributing to charitable organisations, she is also the leader of the Singapore Jiu Long Society’s charity group, regularly organising charity events, and receiving strong support from Shen Ying, the Senior Minister of State for Foreign Affairs and National Development. Last year, she participated in the “Longevity Charity Vegetarian Feast,” inviting over five hundred elderly people and guests to enjoy a vegetarian feast, raising 250,000 yuan for the Buddhist Tzu Chi Foundation (Singapore).

Liu Jia says her greatest strength is empathy and the ability to consider other people’s perspectives. Is she worried about being taken advantage of because of her kindness?

“Sometimes I’m not decisive enough, and I need to improve in that aspect. Nevertheless, if someone is affecting the company’s development or engaging in misconduct for personal gain, I will resolutely stop it.”



dtcpay offers core solutions in payments, wallet, and card services. In payments, they streamline processes by integrating various payment methods across fiat and digital currencies seamlessly. The dtcpay wallet app enables global acceptance and transfer of funds in both fiat and digital currencies, ensuring secure withdrawals. Additionally, the dtcpay Card supported by an in-app multi-currency swap, enables seamless spending of fiat and digital currencies at over 100 million locations worldwide.
dtcpay’s innovative approach combines blockchain technology with traditional finance, pioneering secure cross-border payments. As the first licensed POS crypto payments provider in Singapore, they’re reshaping the future of payments by seamlessly integrating blockchain into everyday transactions.


  • The only Asia-based company to be selected for the Mastercard Start Path program.
  • Ranked 8th globally alongside industry leaders like Sygnum Bank, and No.1 Virtual Asset Service Provider (VASP) in Singapore on Hoptrail’s Global Anti-Money Laundering (AML) Leaderboard 2023
  • Awarded the SFF Global FinTech Award by Singapore FinTech Association (SFA) 2022
  • Awarded Best Cryptocurrency Payment Company at Singapore Business Awards 2023 hosted by APAC Insider.
  • First regulated POS in Singapore to accept cryptocurrencies.
  • Top Singaporean FinTech Seed Deal 2023 (Daily Research by FinTech Global)


dtcpay is not just a payment solution; it’s a catalyst for revolutionising the way businesses and individuals transact in the digital age. With unique features and commitment to innovation, they are poised to lead the charge towards a future where cryptocurrency payments are seamlessly integrated into everyday transactions.

  1. Licensed in Singapore: Licensing as a Major: Payments Institution by the Monetary Authority of Singapore (MAS) ensures regulatory compliance and instills trust in users. dtcpay stands as one of only two Major Payment Institutions (MPI) covering almost the full suite of payment activities regulated by the Monetary Authority of Singapore (MAS). Out of hundreds of applicants, dtcpay holds the distinction of being one of just 20 licensed providers authorised to deliver Digital Payment Token (DPT) services in Singapore.
  2. Enabling Cryptocurrency Acceptance for Traditional Merchants: One of dtcpay’s key strengths lies in enabling traditional mer- chants to seamlessly accept cryptocurrencies without the complexity, risk, or volatility associated with them. Through innovative solutions, dtcpay integrates cryptocurrency payments into everyday payment methods, both online and offline. From in-store Point of Sale Terminals to API-integrated checkouts, a comprehensive suite of payment solutions empowers merchants to accept cryptocurrencies effortlessly. In turn, cryptocurrency users can now pay freely in crypto with merchants receiving settlement in their local currencies, just like any other payment method.
  3. Appealing to Traditional Businesses and Financial Institutions: dtcpay’s solution is highly sought after by traditional businesses and financial institutions seeking to tap into the growing market of crypto spenders. By bridging the gap between traditional finance and Web3 payments, they enable businesses to expand their revenue streams without the need to navigate the complexities of cryptocurrency operations. With dtcpay, businesses can effortlessly cater to crypto users while operating seamlessly within their existing infrastructure.
  4. Empowering Digital Nomads: dtcpay caters to the needs of digital nomads who seek the freedom to pay as they travel without the hassle of setting up bank accounts in every country they visit. The dtcpay solution allows digital nomads to pay like locals, avoiding lengthy bank account setups and hefty conversion fees. With dtcpay, digital nomads can transact in digital currencies at low costs and make large purchases instantly, enhancing their overall travel experience.
  5. Real Use Cases Across Various Industries: dtcpay has successfully facilitated crypto payments across a wide range of industries, including private jet leasing, supercars, healthcare, hotels, and even casinos. The dtcpay solution addresses the growing demand for crypto payments, providing merchants, financial institutions, and banks with the means to meet this demand effectively.

Learn more at dtcpay.com

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