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Telenor Bank, Valyou, Alipay release blockchain cross-border remittance service

Wednesday 9 January 2019 | 12:04 PM CET

Telenor Microfinance Bank and Valyou have introduced Pakistan’s first blockchain-based cross-border remittance service, powered by Alipay.

The service is provided by Telenor’s Easypaisa and Valyou, a Malaysia-based financial technology company that provides remittances to underbanked communities. It is aimed to reduce transactional cost for users, enabling both senders and receivers to track their money every step of the way.

According to the press release, the blockchain technology is expected to streamline the speed and efficiency of remittances from Malaysia to Pakistan. It ensures that the money transfers are transparent, as all information stored, shared, or uploaded through the blockchain remittance platform will be encrypted.

Currently, Alipay has nine strategic partnerships with local partners outside Mainland China. As of January 2019, Alipay, together with its global partners, are serving over 1 billion active users worldwide.

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