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​Telenor launches cross border remittance service using Blockchain in Pakistan

2019-01-09 09:56 am | Resource: News Section | No Views : 123

​Telenor launches cross border remittance service using Blockchain in Pakistan The subsidiary of Teleenor, based in Pakistan, has launched a cross-border transfer service using blockchain technology, according to a press release published Tuesday.
Telden Microfinance Bank (TMB), Valyou, based in Pakistan, a Malaysian financial technology company affiliated to Telenor and Easypaisa of the same Pakistani company, has launched Blockchain international remittance service in Pakistan, The service is reportedly supported by Blockchain technology developed by Alipay for the online payment platform.
It is said that the new service aims to increase the speed and efficiency of remittances between Malaysia and Pakistan significantly, Pakistan currently receives about one billion dollars of remittances from Malaysia, according to Deputy Head of Services Telenor Finance, which claims that the transfer service allows real-time transfers of non-stop, While eliminating brokerage costs and tracking client funds.
"The new remittance service is one example of how emerging technologies can help countries meet the goals of digital and financial inclusion," said Eric Jing, chairman and chief executive officer of Ant Financial.
"Remittances have contributed to an increase in gross domestic product (GDP) by more than 6 percent, which is equivalent to more than 50 percent of our trade deficit, 85 percent of exports and more than a third of imports during fiscal year 2017-2018," said Tariq Bajwa, governor of the State Bank of Pakistan. .
Other countries have also implemented cross-border conversion products based on Blockchain. Recently, NBK became the first financial institution in Kuwait to launch a cross-border money transfer product based on Ripple's Blockchain technology.
In November, Japan's Sompo, together with BTC Africa, also known as BitPesa, was involved in an attempt to digitize global remittance services. The Japanese company said it would extend its presence in the international market through remittance service Cross-border, as well as consider the application of this technology in the field of insurance.

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