Telenor To Use Alipay Blockchain For Money Transfers
A Pakistani subsidiary of Telenor, the world-famous telecom corporation, has launched an international money transfer service on the Alipay blockchain, as appears from a press release.
Telenor Microfinance Bank (TMB), the Pakistani division, together with Valyou, a Malaysian fintech company, and Easypaisa Telenor launched international money transfers on the blockchain of Alipay, an online money transfer company that is managed by Ant Financial Services Group.
As appears from a press release, the new service will make cash transactions between Pakistan and Malaysia faster and more efficient. It will be possible to send funds in real time, tracking them without intermediaries.
The Alipay money transfer service is a good instance of how modern financial technologies help countries achieve economic goals, Eric Jing, executive director of Ant Financial, stressed.
The head of the State Bank of Pakistan Tariq Bajwa cited statistics according to which remittances in the country amounted to more than 6% of GDP during the 2017-2018 financial years. The head of the country's central bank expects the financial sector to take advantage of the current favorable market conditions by investing in innovative technologies.
Over the past year, online transfers on blockchain have become rather popular with many companies in the financial sector and not only. Blockchain technology is being actively introduced in the tourism industry. Ripple is considered one of the flagships in the development of payment systems. Its RippleNet network is popular among more than two hundred financial institutions in the world.
As previously reported, the payment operator UAE Exchange will launch a blockchain payment system based on Ripple.