In line with a recent official press release ‘published‘, the Pakistan-based subsidiary of Global telecom giant ‘Telenor’ has launched a blockchain-powered cross-border payments service.
According to the announcement, the Pakistan-based TMB [Telenor Microfinance Bank], Valyou – a Malaysian fintech subsidiary of Telenor — and Telenor’s Easypaisa have conjointly launched a blockchain-based international payment service in Pakistan. The service is reportedly backed by blockchain technology developed by Ant Financial’s on-line payment platform, Alipay.
The new service is reportedly meshed to considerably increase the speed and potency of remittances between Malaysia and Pakistan. Pakistan presently receives around $1 Bln in home remittances from Malaysia – consistent with the Senior Vice President of Telenor Monetary Services. The new payments service can supposedly permit nonstop real-time money transfers whereas eliminating intercessor prices and tracking customers’ funds.
Commenting on the initiative, Eric Jing, chairman and chief executive officer of Ant Financial aforesaid that “the new payments service is among the examples of how evolving technologies can facilitate countries meeting their digital and monetary inclusion goals.”
In line with Tariq Bajwa, Governor of the bank of Pakistan, “home remittances contribute to over 6% in GDP equivalent over 50% of our trade deficit 85% of exports and over 1/3 of imports in FY 2017-18.”
Other countries have additionally enforced blockchain-based cross-border payments products. Earlier, the National Bank of Kuwait became the primary monetary institution in Kuwait that launched a cross-border payments product supported on Ripple’s [XRP] blockchain technology.
Even earlier in Nov., Japanese insurance firm namely ‘Sompo’ partnered with pan-African digital payment platform BTC Africa, additionally also called BitPesa, in a very bid for the “digitalization of global ‘payments‘ services.” Sompo outlined that it “will expand its presence within the international payments service market and consider about the application of this technology to the insurance field.”