Blockchain technology backed home remittances from Malaysia to Pakistan to promote financial inclusion
Telenor Microfinance Bank, in partnership with Valyou of Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service, powered by blockchain technology 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.
The blockchain technology will significantly boost the speed and efficiency of remittances from Malaysia to Pakistan. It will also ensure the money transfers are highly secure and transparent, as all information stored, shared, or uploaded through the blockchain remittance platform will be encrypted with advanced protocols in order to protect users’ privacy.
By eliminating intermediary costs, the new remittance service reduces transactional cost for end-users, while the blockchain technology enables both senders and receivers to track their money every step of the way.