Zilliqa, the public blockchain platform, is partnering with Monetary Authority of Singapore (MAS)-approved Widely Accepted Stored Value Facility (WASVF), Xfers, to explore the use of payment solutions powered by distributed ledger technology for over 500,000 users in Southeast Asia.
Xfers facilitates digital financial inclusion for online businesses and fintech startups while supplying the tools to be compliant with recent regulatory updates in the region. As the first fintech startup to be recognised as a WASVF, Xfers claims to have an extensive portfolio of clients in the fintech space including Southeast Asian peer-to-peer lending platforms Tunaikita and Julo as well as Payfazz, an agent-based financial platform in Indonesia.
Leveraging on Zilliqa's smart contract functionalities, the progressive business solution will drive greater efficiencies in cost, transparency, and security for users onboarding Xfers' payment platform. With the architecture of Xfers' payment infrastructure built on Zilliqa's smart contracts layer, this will bring about new innovations to Xfers' suite of enterprise solutions, which include support for payments, disbursements, regulatory compliance, a built-in digital wallet, and more.
Tianwei Liu, CEO and Co-founder of Xfers, 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."
Built for enterprise use, Zilliqa is a public blockchain platform renowned for use of sharding as an on-chain solution to preserve decentralisation and enable greater scalability. To date, its blockchain is able to process 2,828 transactions per second. Delivering on the infrastructure it has been building for the past two years, Zilliqa enabled smart contracts on June 10 with a view to transforming existing business processes and driving efficiencies. Through this partnership, Zilliqa's proprietary smart contract language, Scilla, will be critical to programming decentralised and transparent payment offerings on Zilliqa.
Having processed over US$260 million across Singapore and Indonesia in 2018 alone, Xfers currently offers open and interoperable application programming interfaces (APIs) and software development kits (SDKs) to its existing enterprise partners, in order to ensure that they can enter new markets with greater ease while complying with local regulations.
