Zilliqa, the high-throughput public blockchain platform, is partnering with Monetary Authority of Singapore (MAS)-approved Widely Accepted Stored Value Facility (WA SVF), Xfers, to explore the use of payment solutions powered by distributed ledger technology for over 500,000 users in Southeast Asia.
BIG NEWS! We are thrilled to share that we have collaborated with fintech payments solutions provider @xferspay to drive efficiencies in cost, transparency and #scalability to their platform using our #SmartContracts infrastructure. #ZilliqaDay2019 #ZIL #scilla pic.twitter.com/3y1kuMPiNE
— Zilliqa (No airdrops or ETH giveaways) (@zilliqa) June 18, 2019
Xfers was founded in 2014, and it posses 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.
This is extremely important for those without bank accounts. Just for an example, South East Asia as a whole has a mobile connectivity rate of 133% (due to people owning multiple SIM cards or phones), but only 27% of the population has a bank account. Cambodia is particularly extreme with a mobile connectivity rate of 173%, but only 13% of the population having a bank account.
Now, with the help of Xfers’ payment infrastructure that is built on Zilliqa’s smart contracts layer, Xfers’ suite of enterprise solutions can include some new innovations as support for payments, disbursements, regulatory compliance, a built-in digital wallet, and more.
CEO and Co-founder of Xfers, Tianwei Liu, said:
“Our 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.
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 is an enterprise-grade blockchain platform renowned for use of sharding as on-chain solution to preserve decentralization and enable greater scalability. To date, its blockchain is able to process 2,828 transactions per second.
For Singaporeans, Xfers has been of great value. Almost all consumer fiat to crypto bridges in Singapore use Xfers. It’s the preferred payment method on Singapore’s Coinhako exchange, and an Xfers account is the only payment method on Binance Singapore. It was also used to be Coinbase’s go-to payment method in Singapore until the volume became untenable. However, at the time of writing, the price of ZIL was down 7.14% to $0,024.