Telenor Microfinance Bank, in partnership with Valyou Malaysia, has introduced a blockchain-based cross-border remittance service, developed by Alipay, the online payment platform operated by Ant Financial.
The blockchain remittance service is provided by Telenor’s Easypaisa and Valyou, a financial technology company that provides remittances to underbanked communities.
Both Valyou and Telenor Microfinance Bank which operates EasyPaisa are subsidiaries of the Telenor Group, which also operates Digi, one of the major telco players in Malaysia.
Parties involved with the project claims that blockchain technology will significantly boost the speed and efficiency of remittances from Malaysia to Pakistan.
Eric Jing Chairman and CEO of Ant Financial who was also present at the launch stressed that this is a prime example of how emerging technologies like blockchain can help countries meet their digital and financial inclusion goals.
The blockchain-powered remittance service will make round-the-clock, real-time money transfers between the two countries possible at a competitive exchange rate, with Alipay’s transaction fees waived during the one-year trial period.
This news follows an earlier story of local fintech player MoneyMatch and CIMB Bank who embraced Ripple to enable their cross-border remittance.
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