Business Wire

Blockchain Technology Backed Home Remittances from Malaysia to Pakistan Made Possible to Promote Financial Inclusion

Del

Telenor Microfinance Bank, in partnership with Valyou of Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service, powered by industry-leading blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190108005651/en/

The blockchain remittance service is provided by Telenor’s Easypaisa and Valyou, a financial technology company that provides remittances to underbanked communities. The plan was unveiled at an event in Islamabad attended by State Bank of Pakistan Governor Tariq Bajwa, marking a major milestone in the country’s journey to promote financial inclusion.

The blockchain technology will significantly boost the speed and efficiency of remittances from Malaysia to Pakistan. It will also ensure the money transfers are highly secure and transparent, as all information stored, shared, or uploaded through the blockchain remittance platform will be encrypted with advanced protocols in order to protect users’ privacy.

“This puts Pakistan on the map of very few countries in the world that have launched International Remittance using blockchain technology,” said Tariq Bajwa, Governor, State Bank of Pakistan, who initiated the launch of the event. “At around USD 20 billion per year, international remittances are important from the perspective of overall macroeconomic stability and their positive spillover in improving lives of millions of families. Home remittances contributed to over 6% in GDP, equivalent to over 50% of our trade deficit, 85% of exports and over one-third of imports during FY 2017-18.”

He also stated that he expects that the financial sector will take advantage of current favorable market environment by investing in innovative technologies and product offerings to expand services and broaden access to financial services in the country.

The blockchain-powered remittance service will make round-the-clock, real-time money transfers between the two countries possible at a competitive exchange rate, with Alipay’s transaction fees waived during the one-year trial period.

“The new remittance service is one of the examples of how emerging technologies can help countries meet their digital and financial inclusion goals. We’re thrilled to be part of Pakistan’s financial inclusion efforts and we’re dedicated to exploring breakthroughs and applying them to benefit more people in more places,” said Eric Jing, Chairman and CEO of Ant Financial. “I would like to take this opportunity to express our gratitude to State Bank of Pakistan for all the great support to make this project possible. I congratulate both Easypaisa and Valyou on this major development that will facilitate the people in both countries, putting Pakistan on the map of fintech innovation and promoting financial inclusion.”

By eliminating intermediary costs, the new remittance service reduces transactional cost for end-users, while the blockchain technology enables both senders and receivers to track their money every step of the way, significantly boosting the service’s efficiency and safety.

“The transparency and swiftness this innovative and first-of-its-kind service brings to Pakistani users of international remittance will redefine international money transfer in the country,” said Roar Bjærum , Senior Vice President, Telenor Financial Services, Telenor Group. “Currently, Pakistan receives about USD 1 billion in home remittances from Malaysia and this Easypaisa-Valyou collaboration is going to change it for the better. The service is the result of the close partnership between Telenor Group and Ant Financial Services and epitomizes our shared vision to empower societies by bringing inclusive financial services to the world.”

The service aims to promote and encourage the use of formal channels for remittances, with all existing incentives offered by State Bank of Pakistan for promotion of international remittance through mobile wallet being applicable for this service.

“The international remittance service epitomizes the shared vision of Telenor Group and Ant Financial to empower societies by bringing inclusive financial services to the world,” said Shahid Mustafa, President & CEO, Telenor Microfinance Bank. “It is a bold statement of the wonders new technologies can do to transform the financial services landscape in Pakistan which remains a top priority on the country’s national agenda.”

Pakistan is in the process of strengthening its financial system, with the Pakistani government recently enhancing its National Financial Inclusion Strategy through a five-year plan that aims to create three million jobs and additional exports of $5.5 billion USD by improving SMEs’ access to financing.

Starting from 2015, Alipay has formed nine strategic partnerships with local partners outside Mainland China. As of today, Alipay, together with its global partners, are serving over 1 billion active users worldwide.

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.

Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. As of January 2019, together with its global JV partners, Ant Financial served 1 billion users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

About Telenor Group

Telenor Group is a leading telecommunications company across Scandinavia and Asia with 173 million customers and annual sales of around USD 14 billion (2017). We hold #1 or #2 positions in most of our markets. Majority ownership of all core assets enables strong governance and global scale benefits. We are committed to responsible business conduct and driven by the ambition of empowering societies. Connectivity has been Telenor’s domain for more than 160 years, and our purpose is to connect our customers to what matters most. Telenor is listed at 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, Pakistan's first mobile financial services platform launched in 2009, which is also the first and only GSMA Mobile Money Certified service. Easypaisa has since developed into the largest branchless banking service in Pakistan in terms of agent network, 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 unbanked segment of the Pakistani society.

Ant Financial Services Group (“Ant Financial”), subsidiary of Alibaba Group has bought 45% stake in Telenor Microfinance Bank, a subsidiary of Telenor Group, to further develop TMB’s mobile payment and digital financial services. This strategic partnership between Telenor Group and Ant Financial combines TMB’s knowledge and local market presence and Ant’s technology in Alipay, the world’s largest digital payment platform, and other financial services, to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.

For more information, please visit: http://www.telenorbank.pk/

Contact information

Subul Naqvi
Telenor Microfinance Bank | Easypaisa
subul@telenorbank.pk
+923478830931

Ant Financial
Fanny Wu
chen.wc@antfin.com
+86-13910268281

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Fishawack continues to build best-in-class service offering with Dudnyk acquisition20.3.2019 13:00:00 CETPressemelding

Fishawack, a leading independent healthcare communications specialist, is excited to announce its acquisition of Dudnyk, the Philadelphia-based healthcare communications agency. Dudnyk is an award-winning, full-service agency that specializes in creating insight-driven, authentic brand experiences that unite specialty physicians and their patients. They leverage strategic, scientific, and creative capabilities to serve clients in the biotech, pharmaceutical, and medical device industries. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190320005204/en/ Dudnyk leadership team includes Christopher Tobias, PhD, President; Laurie Bartolomeo, EVP, Creative Director; Drew Desjardins, EVP, Chief Strategy Officer; Annemarie Armstrong, EVP, Director of Client Services; John Kemble, EVP, Creative Producer. (Photo: Business Wire) Fishawack’s goal is to increase the range of healthcare communications services that it can offer to commerc

ExaGrid Nominated in Six Categories for the 2019 Network Computing Awards20.3.2019 12:00:00 CETPressemelding

ExaGrid ®, a leading provider of intelligent hyperconverged storage for backup, today announced that it has been nominated in six categories for the 2019 Network Computing Awards. ExaGrid has become a finalist for Data Centre Product of the Year, The Return on Investment Award, Hardware Product of the Year, Product of the Year, The Customer Service Award, and Company of the Year. Voting to determine the winner in each category is underway now and closes on April 23. The results will be revealed at an evening award ceremony in London on May 2. ExaGrid’s model EX63000E backup storage appliance with data deduplication is a nominee in four categories. The model provides the largest scale-out system and offers up to a 2PB full backup with an ingest rate of 432TB/hr, which is three times faster than any other backup storage on the market. “We are thrilled to be nominated by IT staff, and recognized by Network Computing, in six prestigious categories this year,” said Bill Andrews, CEO and Pre

Eos Biosciences Issued Patent for New Approach to Shuttle Therapeutics Across the Blood-Brain Barrier to Treat Brain Diseases20.3.2019 11:30:00 CETPressemelding

Eos Biosciences, Inc. (Eos), a nanomedicines company developing an efficient and versatile nanobiologic particle-based platform technology (Eosomes), announced that the U.S. Patent and Trademark Office has granted Eos Biosciences Patent No. 10,183,078, relating to a novel approach of using HER3-targeted Eosomes as a shuttle system for transporting various classes of therapeutics across the blood-brain barrier for treatment of brain disorders, including brain cancer. The patent is owned by Cedars-Sinai Medical Center and is exclusively licensed to Eos Biosciences. Details of the system will be highlighted in an upcoming manuscript from Lali Medina-Kauwe, PhD, Professor, Department of Biomedical Sciences, Cedars-Sinai. Omar Haffar, Ph.D., Founder, President and Chief Executive Officer, commented, “We’re very excited by the issuance of this pivotal patent and look forward to receiving similar approvals in other countries. This patent adds to Eos’ considerable IP portfolio covering the Eos

Pfizer Secures Exclusive Option to Acquire Gene Therapy Company Vivet Therapeutics20.3.2019 10:45:00 CETPressemelding

Vivet Therapeutics (“Vivet”), a privately held gene therapy biotech company dedicated to developing gene therapy treatments for inherited liver disorders with high unmet medical need, and Pfizer Inc. (NYSE: PFE) announced today that Pfizer has acquired a 15% equity interest in Vivet and secured an exclusive option to acquire all outstanding shares. Pfizer and Vivet will collaborate on the development of VTX-801, Vivet’s proprietary treatment for Wilson disease. Wilson disease is a devastating, rare, chronic, and potentially life-threatening liver disorder of impaired copper transport that causes serious copper poisoning. In patients with Wilson disease, a monogenetic mutation disables the normal copper biliary excretion pathway leading to excess copper accumulation in the liver and other organs including the central nervous system. Untreated, Wilson disease results in various combinations and severity of hepatic (fibrosis and cirrhosis), neurologic and psychiatric symptoms, which can b

Fintech Company Rimilia Appoints Kevin Kimber as CEO20.3.2019 10:00:00 CETPressemelding

Rimilia, a fintech company helping finance departments simplify the complex, has appointed Kevin Kimber as CEO. The news follows another strong year for Rimilia. In 2018, Rimilia opened offices in Central London and Denver, Colorado in the U.S., and reported significant revenue growth on the previous year. Rimilia was founded in 2008 and its platform, created by finance professionals, uses RPA (robotic process automation) technology to help finance teams fast-track their cash flow by providing clearer information and better control. It has quickly become the industry leader, trusted by a number of global brands from HSBC to DHL and Santander, to provide visibility, improve efficiencies and guarantee cash flow. Rimilia works with any currency, any bank and in any language, and on average delivers 70% cost-savings and an 80% reduction in manual effort to its customers. Kevin joins Rimilia from Eight Roads Ventures (one of Rimilia’s investors), where he was a Venture Partner, advising its

Knopp Biosciences Enters Collaboration with Leading UK Investigators to Commence Phase 2 Clinical Trial of Dexpramipexole in Severe Eosinophilic Asthma20.3.2019 10:00:00 CETPressemelding

Knopp Biosciences LLC, a privately held drug discovery and development company focused on delivering breakthrough treatments for inflammatory and neurological diseases with high unmet need, today announced a collaboration with a consortium of leading medical researchers in the United Kingdom to evaluate the ability of Knopp’s lead drug candidate, dexpramipexole, to reduce exacerbations in people with severe eosinophilic asthma. The project is chiefly funded by the National Institute for Health Research (NIHR) and Medical Research Council (MRC) of the UK. The Chief Investigator for the Phase 2 multi-center, 52-week trial is Professor Salman Siddiqui, Professor of Airway Diseases at the University of Leicester and Consultant Respiratory Physician at Leicester’s Hospitals. Dexpramipexole is an orally available small molecule shown to selectively reduce eosinophil levels in multiple clinical trials, including in a Phase 2 study in hypereosinophilic syndrome (HES) and a Phase 2 trial in chr