Circle Broadens Asian Footprint with New Local Partnerships

Circle has announced new partnerships with Taiwanese leading companies, broadening its footprint in Asia following previous moves in Singapore and The Philipines.

Circle Works with Taiwanese Companies

Circle Internet Financial (Circle) said on Thursday that it has partnered with FamilyMart, a prominent convenience store (C-store) retailer, and BitoGroup, a leading cryptocurrency exchange in Taiwan to launch the ‘Points-to-Crypto’ program.

As the name suggests, the program lets users convert their FamilyMart loyalty points (commonly known as FamiPoints) into digital currencies, including $USDC. Users can later connect with their BitoPro accounts to receive their chosen currencies.

‘Converting FamiPoints into USDC prevents a loss of value in loyalty points over time and incurs zero transaction fees, democratizing access to cryptocurrencies,’ Circle noted. The new strategic collaborations aim to provide users with easy access to digital currencies, enhance the value of loyalty points in daily lives, and foster financial inclusion in the region.

Loyalty programs have a statistically proven attraction for consumers in Taiwan. Data sourced from a 2021 report by the Market Intelligence & Consulting Institute (MIC) highlights the evolving role of loyalty points in Taiwan. According to the report’s findings, user engagement in points accumulation reached 87%, with 99% of them redeeming their points for products.

Asian Market on Radar

Asia has been an ongoing target market of Circle amid U.S. regulatory pressure. It’s no secret that greater adoption and supporting policies are the driving forces behind the expansion.

In September, the stablecoin leader reportedly collaborated with Grab, a Singapore-based tech leader to streamline user’s access to Web3. With this agreement, eligible Grab users are able to set up blockchain-based wallets, accumulate rewards and gifts, and use non-fungible tokens (NFTs).

Circle also announced earlier this month its partnership with Coins.ph, an established crypto company in The Philippines. The goal is to facilitate cross-border transactions at cheaper costs and increase local awareness of the stablecoin.