Public blockchain platform Zilliqa has announced its partnership with Xfers, a Singapore-based fintech startup. Founded in 2014, Xfers is the Monetary Authority of Singapore (MAS)-approved Widely Accepted Stored Value Facility (WA SVF). It 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.
The partnership aims to explore the use of payment solutions powered by distributed ledger technology for over 500,000 users in Southeast Asia.
Zilliqa is an enterprise-grade 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.
Earlier this month, Zilliqa enabled smart contracts with a view to transforming existing business processes and driving efficiencies.
Tianwei Liu, CEO and Co-founder of Xfers, said.
“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,”
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”.
