Pakistan’s central bank governor, Tarik Bajwa, launched an initiative by Telenor Pakistan that will enable the transfer of cross border remittances using blockchain technology in near real-time.
The project is being spearheaded by Ant Financial, Telenor Microfinance Bank as well as Standard Chartered Bank.
In his speech at the launch event, Bajwa said: “This puts Pakistan on the map of few countries in the world that have launched International Remittance using blockchain technology….This would bring convenience and efficiency for both remitters and their beneficiaries.”
Though this initiative, Valyou in Malaysia and Easypaisa in Pakistan will facilitate cross-border remittance service through e-wallet platforms, which is based on blockchain technology developed by Alipay, a subsidiary of Ant Financial.