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. 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 WA SVF, Xfers boasts 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. 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.”
Built for enterprise use, Zilliqa is a public blockchain platform renowned for use of sharding as 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.
Zilliqa President Amrit Kumar said, “One of the core ideological tenets spurred on by the decentralised finance movement is the promise of increased efficiencies and a trusted digital economy. Years on, blockchain has shown how it can solve some of the existing challenges in legacy financial infrastructure systems while delivering on these promises. We are excited to embark on this strategic partnership with Xfers as we enable greater usability, security, and scalability to a new and far-reaching use case in today’s financial services space”.
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.