Blockchain Platform Zilliqa Partners Singapore Payments Startup
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The partnership will enable Xfers to use Zilliqa’s smart contract functionalities and bring about new innovations to its suite of enterprise solutions.
Blockchain technology firm Zilliqa is partnering Singapore-based fintech startup Xfers to explore the use of payment solutions powered by distributed ledger technology, the company announced at its Zilliqa Day event on Tuesday, which marked its second anniversary.
The partnership will allow Xfers to benefit from Zilliqa’s SmartContracts infrastructure, bringing efficiencies in cost, transparency and scalability to its platform, which has over 500,000 users in Southeast Asia, the firm said. Working with Zilliqa will bring about new innovations to Xfers’ suite of enterprise solutions, which includes support for payments, disbursements, regulatory compliance, a built-in digital wallet, and more, the firm added.
Xfers received an e-wallet license from the Monetary Authority of Singapore (MAS) in March, joining EZ-Link Card, Nets CashCard, Nets FlashPay, and CapitaVoucher as MAS-approved Widely Accepted Stored Value Facility (WASVF) providers.
The license allows Xfers to hold money on behalf of its users, and gives it an edge over other fintech startups, as user deposits are backed by a bank, which guarantees each dollar it holds.
Launched in 2015, Xfers processed over $260 million in payments in 2018. It is backed by 500 Startups, Golden Gate Ventures and Facebook co-founder Eduardo Saverin.
Zilliqa, headquartered in London and Singapore, is a public blockchain platform known for use of sharding as an on-chain solution to preserve decentralization and enable greater scalability. Its blockchain is able to process 2,828 transactions per second.
Questions & Answers
Q.What specific benefits will Xfers gain by using Zilliqa's smart contract infrastructure?
What specific benefits will Xfers gain by using Zilliqa's smart contract infrastructure?
Xfers will benefit from increased efficiencies in cost, transparency, and scalability for its platform. This will help enhance its suite of enterprise solutions, which serves over 500,000 users in Southeast Asia.
Q.What services does Xfers currently offer as part of its enterprise solutions?
What services does Xfers currently offer as part of its enterprise solutions?
Xfers' suite of enterprise solutions includes support for payments, disbursements, and regulatory compliance. It also offers a built-in digital wallet for its users.
Q.When did Xfers receive its e-wallet licence, and what does this permit the company to do?
When did Xfers receive its e-wallet licence, and what does this permit the company to do?
Xfers received its e-wallet licence from the Monetary Authority of Singapore in March. This licence allows the company to hold money on behalf of its users, with deposits guaranteed by a bank.
Q.How does Zilliqa's blockchain technology achieve greater scalability?
How does Zilliqa's blockchain technology achieve greater scalability?
Zilliqa achieves greater scalability through its use of sharding, which is an on-chain solution designed to preserve decentralisation. Its blockchain platform can process 2,828 transactions per second.
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