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Blockchain startuphas partnered with FinTech startup to explore the use of blockchain-powered payment solutions for over 500,000 users in Southeast Asia.
Created by researchers at the National University of Singapore, Zilliqa aims to solve the issue of scalability of blockchains. Zilliqa’s platform is designed to scale to thousands of transactions per second. It is tailored towards enabling secure data-driven decentralized apps, designed to meet the scaling requirements of machine learning and financial algorithms.
Founded in 2014 in Singapore, Xfers is the Monetary Authority of Singapore (MAS)-approved Widely Accepted Stored Value Facility (WA SVF). Xfers streamlines online bank transfers by giving sellers a one-click payment link that automatically gives buyers bank account information and tracks payments as they process. It has an extensive portfolio of clients in the FinTech Sector, including Southeast Asian peer-to-peer lending platforms Tunaikita and Julo as well as Payfazz, an agent-based financial platform in Indonesia.
The partnership will see Xfers utilize Zilliqa’s recently launched smart contract functionalities to bring “new innovations” to its suite of enterprise solutions, which include support for payments, disbursements, regulatory compliance and a built-in digital wallet. Using blockchain technology, Xfers hopes to drive greater efficiencies in cost, transparency, and security.
Tianwei Liu, CEO and Co-founder of Xfers, said that their vision at Xfers has always been to create the trusted, digital financial ecosystem in Southeast Asia.
“With a population of over 600 million, the Southeast Asian market remains predominantly unbanked with over 70% of citizens without access to basic financial services,” Liu said. “By partnering with Zilliqa, we hope to provide a cutting-edge solution that grants equal opportunities and cost-saving solutions for digital businesses looking to set-up in the region. As we enter the next phase of growth for financial innovation, only the most robust technological solutions will enable us to fully embrace the digital economy of the future.”
Zilliqa President Amrit Kumar said that one of the core ideological tenets spurred on by the decentralized finance movement is the promise of increased efficiencies and a trusted digital economy.
“Years on, blockchain has shown how it can solve some of the existing challenges in legacy financial infrastructure systems while delivering on these promise,” Kumar said. “We are excited to embark on this strategic partnership with Xfers as we enable greater usability, security, and scalability to a new and far-reaching use case in today’s financial services space.”