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ISLAMABAD – (FILO D & # 39; BUSINESS) – Telenor Microfinance Bank, in collaboration with Valyou of Malaysia, has
introduced the first cross-border remittance of Pakistan based on the blockchain
service, powered by industry-leading blockchain technology developed by
Alipay, the online payment platform managed by Ant Financial Services
Group ("Ant Financial").
The blockchain remittance service is provided by Easypaisa and Telenor
Valyou, a financial technology company that provides remittances to
underbanked community. The plan was unveiled on the occasion of an event in Islamabad
was attended by the governor of the Central Bank of Pakistan, Tariq Bajwa, who signed an important one
milestone in the country's journey to promote financial inclusion.
The blockchain technology will greatly increase the speed e
efficiency of remittances from Malaysia to Pakistan. It will also guarantee
money transfers are highly secure and transparent, like everyone else
information stored, shared or uploaded via the blockchain
the remittance platform will be encrypted with advanced protocols in order
to protect user privacy.
"This puts Pakistan on the map of very few countries in the world
launched International Remittance using blockchain technology "
said Tariq Bajwa, Governor, State Bank of Pakistan, who initiated the
launch of the event. "At about $ 20 billion a year, international
remittances are important from a general macroeconomic point of view
stability and their positive impact on improving the lives of millions of people
families. Home remittances contributed to over 6% of GDP, equivalent to
over 50% of our trade deficit, 85% of exports and over a third of
imports during the 2017-2018 fiscal year. "
He also said that he expects the financial sector to take
advantage of the current favorable market environment by investing in
innovative technologies and product offerings to expand services and
expand access to financial services in the country.
The remittance service with blockchain will operate 24 hours a day,
real-time money transfers between the two possible countries in a
competitive exchange rate, with Alipay transaction fees waived during
the one-year trial period.
"The new remittance service is one of the examples of how to emerge
technologies can help countries meet their digital and financial needs
inclusion goals. We are thrilled to be part of Pakistan's finances
inclusion efforts and we are dedicated to exploring discoveries and
applying them to the benefit of more people in more places, "said Eric Jing,
President and CEO of Ant Financial. "I'd like to take this
opportunity to express our gratitude to the State Bank of Pakistan for all
the great support to make this project possible. I congratulate you both
Easypaisa and Valyou on this important development that will facilitate the
people in both countries, putting Pakistan on the fintech map
innovation and promotion of financial inclusion ".
By eliminating intermediate costs, the new remittance service is reduced
transaction cost for end users, while blockchain technology
allows senders and recipients to keep track of their money at all times
the way, significantly increasing the efficiency and safety of the service.
"The transparency and speed of this innovative and first of its kind
service leads to Pakistani users of international remittance
redefining international money transfer in the country, "said Roar Bjærum
, Senior Vice President, Telenor Financial Services, Telenor Group.
"Currently, Pakistan receives about $ 1 billion in home remittances
from Malaysia and this Easypaisa-Valyou collaboration will change
for the best. The service is the result of close cooperation
between Telenor Group and Ant Financial Services and embodies ours
shared vision to empower companies by bringing inclusive funding
services in the world. "
The service aims to promote and encourage the use of formal channels for
remittances, with all existing incentives offered by the State Bank of
Pakistan for the promotion of international remittances through the mobile wallet
be applicable for this service.
"The international remittance service embodies the shared vision of
Telenor Group and Ant Financial to strengthen the companies bringing
financial services inclusive in the world, "said Shahid Mustafa,
President and CEO, Telenor Microfinance Bank. "It's a bold declaration of
the wonders that new technologies can do to transform financial services
landscape in Pakistan that remains a top priority for the country
national agenda. "
Pakistan is strengthening its financial system, with
the Pakistani government has recently strengthened its national finance
Inclusion strategy through a five-year plan that aims to create three
millions of jobs and additional exports of $ 5.5 billion improving
Access of SMEs to finance.
Starting in 2015, Alipay has formed nine strategic partnerships with
local partners outside mainland China. To date, Alipay, together
with its global partners, over 1 billion active users are needed
Worldwide.
About Ant Financial
The Ant financial services group is dedicated to using the technology to bring
the world is equal opportunity Our technologies, including blockchain,
artificial intelligence, security, Internet of Things and computer science,
empowering us and our ecosystem partners to serve the unbanked and
underbanked, bringing safer, transparent, convenient and
financial services inclusive to private individuals and SMEs all over the world.
Ant Financial has formed international partnerships with global
strategic partners to serve local users in those markets and we serve
Chinese travelers abroad connecting Alipay online and offline
traders in popular destinations. Starting from January 2019, together with his
Global JV partners, Ant Financial has served 1 billion users worldwide.
The Ant Financial Services Group brands include Alipay, Ant Fortune,
Zhima Credit, MYbank and Ant Financial Cloud.
Information on Telenor Group
Telenor Group is one of the leading telecommunications companies in all of Scandinavia
and Asia with 173 million customers and an annual turnover of around 14 dollars
billion (2017). We have positions n. 1 or n. 2 in most of our markets.
The majority ownership of all the main activities allows for strong governance and
benefits on a global scale. We are committed to conducting a responsible business conduct
and driven by the ambition to empower societies. Connectivity has
has been the domain of Telenor for over 160 years, and our purpose is to
connect our customers to what matters most. Telenor is listed in Oslo
Stock exchange under the ticker TEL. For more information, see www.telenor.com.
About Telenor Microfinance Bank Limited
Telenor Microfinance Bank (TMB) offers Easypaisa, the first in Pakistan
mobile financial services platform launched in 2009, which is also the
first and only GSMA Mobile Money Certified service. Easypaisa has since
developed in the largest banking service without branches in Pakistan a
Agent network terms, active accounts and transaction value,
according to the State Bank of Pakistan. TMB also provides microfinance
and related financial services to the less privileged and unassigned
segment of the Pakistani society.
Ant Financial Services Group ("Ant Financial"), a subsidiary of Alibaba
The Group acquired 45% of the capital of Telenor Microfinance Bank, a subsidiary of
Telenor Group, to further develop the mobile and digital payment of TMB
financial services. This strategic partnership between Telenor Group e
Ant Financial combines the knowledge of TMB and its presence on the local market and
Ant technology in Alipay, the world's largest digital payment
platform, and other financial services, to bring the mobile payment e
inclusive financial services for individuals and small and micro
companies in Pakistan.
For more information, visit: http://www.telenorbank.pk/
