Singapore-based Dragonfly Fintech (DF), inked a deal to power the Malaysian Metro Money Exchange. The remittance market in Malaysia is about $10 billion annually.
The payment and settlement solution will be implemented in partnership with BC Fintech, a Dragonfly system integrator.
The solution will drive the entire remittance chain, from wholesale foreign exchange to the receipt of fiat money at the recipient’s end.
The solution platform does not infringe into the traditional regulatory requirements such as compliance, governance, AML, and KYC. They are still very much the responsibility of the licensed entity and is business as usual. What the platform solution provides is an enablement for the licensed entity to manage all its individual customers’ transactions, leaving the licensed entity to manage the wholesale forex and treasury function separately.
The solution also allows each licensed entity to operate its services in an independent private chain. At an opportune time, these entities can opt into the ecosystem while still having the autonomy.
The impact of the services will include meaningful reduction in transaction cost, faster transactions, complete audit trail, and reconciliation of balances, thereby providing an alternative to current de facto messaging method.
At some point in time, this service will be extended downstream to include mobile payments, debit card functionality, as well as ATM functionality. This is made possible because of the ubiquity and expansiveness of the platform solution. Driven by a core blockchain solution, Dragonfly’s offer is an ecosystem for the financial system, from central banks to the consumer, coupling them seamlessly, and directly.
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