Zilliqa Collaborates With Xfers to Bring the Benefits of Blockchain to Southeast Asia
One cryptocurrency project that has engaged in new initiatives
to improve customer service and boost adoption is Zilliqa. According to recent reports making rounds in the crypto space, the public Blockchain platform, Zilliqa has announced a new partnership with Xfers. The goal of this accord is to bring new innovations through Xfers’ enterprise solutions, such as support for payments, built-in digital wallet, and regulatory compliance to name a few. Zilliqa has revealed that it is partnering with MAS (Monetary Authority of Singapore)-approved WA SVF (Widely Accepted Stored Value Facility), Xfers, to develop more Blockchain uses when it comes to payment solutions powered for more than 500,000 users in the Southeastern part of Asia.
Xfers was founded in 2014. The company has an extensive portfolio of big clients in the fintech industry including Tunaikita and Julo two of the largest Southeast Asian peer-to-peer lending platforms. Another of Xfers client’s is Payfazz. Payfazz is an Indonesian based financial platform.
This service is extremely important for people who are unbanked. Take these stats as an example, the entire South East Asia as a whole is home to a mobile connectivity rate of about 133%. This is because some people own multiple SIM cards or mobile phones. However, only about 27% of this population have bank accounts. Cambodia is another region with extreme mobile connectivity rate of about 173%. However, only 13% of the full population of users have bank accounts. However, with the help been offered by Xfers’ payment infrastructure built on the smart contracts layer of Zilliqa, Xfers’ pool of enterprise solutions can come new innovations that offer support for payments, disbursements, regulatory compliance, and add a built-in digital wallet, to name a few.
The Goal is to Create a Digital Financial System in Southeast Asia
Speaking on the new initiative Tianwei Liu, who serves as the CEO and Co-founder of Xfers, said: “The vision of Xfers has been to create a trusted, digital financial system in Southeast Asia. Home to 600 million people, the Southeast Asian market is still predominantly unbanked. At least 70% of citizens have no access to the basic financial system.”
“By partnering with Zilliqa, the goal is to provide cutting-edge solutions that will grant equal opportunities to citizens as well as cost-saving solutions for businesses to run digitally who are looking to come to the region. As we move into the next growth phase for financial innovation, it is only the most robust tech solutions that will allow us to embrace a digital economy fully,” he added. Zilliqa is known as an enterprise-grade open Blockchain platform designed to use sharding as its on-chain solution to help sustain decentralization and allow greater scalability. To date, Zilliqa’s Blockchain can process as many as 2,828 transactions per second.
Singapore Has a Large Base of Xfers Users
Xfers has great value for Singaporeans. Nearly all fiat to crypto bridges in the country use Xfers. Xfers is the preferred payment model on Singapore’s Coinhako exchange. An Xfers account is the sole payment method on the Singapore arm of Binance exchange. Xfers used to be Coinbase’s main payment model in Singapore until its volume became untenable. As of press time, the price of ZIL was trading at $0,024.
Article Produced By
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.