There where reports coming from a Pakistani based Telenor finance bank. Which is a subsidiary coming from a Norwegian telecom multinational Telenor Group. The company has launched cross-border payments using the power the Blockchain technology with Alipay.
The bank made an announcement on Tuesday that the product is, a joint effort between the Telenor Group from Malaysian Fintech subsidiaries. In Pakistan there is valyou together with a mobile banking company called Easypaisa, that offers realtime money transfers between the two nations.
The bank mentioned in a statement that, the Blockchain will significantly boost the speed and efficiency of payments globally. The country of Pakistan currently makes revenues of approximately $1 billion in home remittances from Malaysia. According to the senior vice president at Telenor Financial Services the partnership with Easypaisa and valyou will change the way the service works.
The home remittance revenue coming from the contributions has gained over 6 percent on the counties GDP, which is equivalent to more than 50 percent of traded deficits. There is currently over 85 percent of exports over that consists of over one-third of all imports to the country. This was according to the State Bank of Pakistan Tariq Bajwa.
Alipay is operated by Alibaba Group’s Ant Financial service, which has made transaction fees with the power of the Blockchain technology during a one year trial. By taking away third party intermediary costs, this new remittances service will reduce all transactional cost for its users, as stated by the Bank.
The blockchain technology seems to be taking up speed in Pakistan, however the country is not as focused on cryptocurrencies as of yet. The central bank in the country issued a statement stopping financial companies from working with cryptocurrencies in the firms.
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