Razer And Finlab Testing Blockchain Cross-Border Remittanceby Fintech News Singapore November 13, 2018
RazerPay is now collaborating with The Finlab to create a proof-of-concept (POC) to test cross-border remittance using blockchain technology.
Since The FinLab is affiliated with UOB as its innovation accelerator, this partnership with RazerPay could be connected with UOB and Intel’s recent announcement that they’re using artificial intelligence to fight money laundering.
The blockchain-based POC aims to improve operational efficiency by increasing the transparency and speed of cross-border remittances. Razer Pay will spearhead the technical and product development of the POC, while The FinLab will mentor and guide RazerPay through areas like settlement and the sending and receipt of remittance messages.
This seems to be an extension of an ongoing relationship between Razer and UOB. Previously, UOB expressed their interest in supporting the Singapore launch of Razerpay ‘in the next few months’. As part of the partnership, UOB stated that they will provide a suite of payment and cash management solutions for Razer Pay Singapore.
Razer Pay also announced it will be extending UOB’s transaction banking services, cash management and foreign exchange (FX) solutions to Southeast Asia.
UOB will process payments for Razer Pay’s global network of merchants and offer what the company claims are competitive FX rates to Razer Pay Singapore users when they make in-app purchases in a foreign currency. The collaboration among Razer, UOB and The FinLab is a move to lay the groundwork for the launch of Razer Pay.
Featured image via UOB