The subsidiary of telecommunications behemoth Telenor has introduced a blockchain-anchored cross-border remittance service.
This was made known in a press release that was published just recently.
The announcement said that the Pakistan-based Telenor Microfinance Bank (TMB), Valyou — which is a Malaysian subsidiary of Telenor — and Telenor’s Easypaisa have collaborated to launch a blockchain-based foreign remittance service in the country of Pakistan. The service is to be anchored by blockchain technology that had been developed by Ant Financial’s online payment platform, Alipay.
The new service is made to substantially increase the speed and efficiency of remittances between Malaysia and Pakistan. At the moment, Pakistan receives an estimated $1 billion in home remittances from Malaysia, according to data from the Senior Vice President of Telenor Financial Services. The remittance service will make way for nonstop, real-time money transfers, while removing intermediary expenses and tracking customers’ resources.
The chairman and CEO of Ant Financial, Eric Jing, said that “the new remittance service is one of the examples of how emerging technologies can help countries meet their digital and financial inclusion goals.”
According to Tariq Bajwa, who is the Governor of the State Bank of Pakistan, “home remittances contributed to over 6% in GDP, equivalent to over 50% of our trade deficit, 85% of exports and over one-third of imports during FY 2017-18.”
Other nations have also begun using blockchain-based cross-border remittance products. The National Bank of Kuwait recently became the first financial organization in Kuwait that introduced a cross-border remittance product based on Ripple’s blockchain technology.
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