Singapore Tests Blockchain Payments For 19,000 Immigrants
A Singaporean bank has signed an agreement that will allow Blockchain payments to help as many as 19,000 immigrants without banking access.
Maybank Singapore is a subsidiary of domestic startup InfoCorp Technologies, according to the Business Times local news outlet report Wednesday. The CrossPay network will allow immigrants in the giant dormitory to purchase digitally.
CrossPay uses Blockchain to store consumer identities and includes a proprietary platform for making payments. On the other hand, Maybank will handle the final amount with the dormitory operator TS Group.
Migrant workers on the first site 16,800, more 2,000 potential users, then more in Mandai.
While discussing the move, InfoCorp CEO Roy Lai said that the value of Blockchain allows those who feel unable to securely conduct online banking transactions.
“Many banking solutions are not suitable for immigrants as they do not have experience in banking services.”
“So offering CrossPay to migrant workers makes sense as it is a solution that specifically addresses their needs.”
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Immigrant-specific applications for blockchain are increasing internationally. In September, Finland announced that it has teamed up with local fintech’s MONI organization to issue Blockchain debit cards to the country’s refugees.
The immutable identity and payment tracking capabilities have also been a major attraction.
Meanwhile, a CrossPay trial in Singapore reported results 4 times this year..
Maybank’s global head of banking, Amos Ong, said, “With InfoCorp, we see the potential to serve those with little access to traditional banking services.”
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