Jelurida Swiss SA announced on 18 June that Singapore-based global payments technology company, Wise MPay, are working with them to launch a public blockchain financial services (BFS) platform.
Jelurida conveyed information that banks and financial institutions consider blockchain capable of both increasing trusts in centralized ecosystems and increasing the speed, security, and efficiency of many traditional banking processes. The BFS platform is being built on the proven Proof-of-stake (POS) consensus algorithm, ensuring high levels of decentralization, security, scalability, and efficiency. Coalculus is aiming to launch software that brings digital payment, remittance, and ATM solutions to governments and banks.
Mr. Jack Bai, Director of Wise MPay quoted –
“Our vision for Coalculus is to create a globally-trusted financial transaction facilitation platform, but our initial focus is between ASEAN (Association of Southeast Asian Nations) countries, Hong Kong and Australia. Our framework is a convergence of public and permissioned blockchains developed on the simple idea that organizations should be able to quickly and easily implement new financial services and leverage the benefits of blockchain. This is our USP and this is why we chose Jelurida as our technology provider.”
Jelurida continued that based on an allowed version of Jelurida’s Ardor technology, Coalculus promises lower costs, faster execution of transactions, improved transparency, auditability of operations. There would be other advantages that will benefit both financial institutions and unbanked individuals seeking access to digital financial services. The offer is to back KPMG research showing 27% of Southeast Asians own a bank account while local mobile connections outnumber the population by 33%.
Jelurida sustained by adding that Wise MPay also added detailed KYC/AML/CFT processes to its enterprise blockchain solution. It also added value based internet-of-things (IoT) devices such as prepaid cards and automated teller machines (ATMs). Additionally, Coalculus provides the infrastructure for easily developing, integrating, and adopting mobile applications with built-in tools like QR code generators and standard application programming interfaces (APIs).
Lior Yaffe, Senior Developer and Managing Director of Jelurida cited – “We are impressed by the professionalism of the Coalculus team. Wise MPay came to us with more than just a vision. They keenly understand the different blockchain technologies on the market and have identified opportunities for maximizing the value of their BFS platform. It has been our pleasure to support the team at Wise MPay in making Coalculus a reality.”
In April, Binance conveyed about its upcoming offer to launch a fiat-to-cryptocurrency exchange in Singapore. Binance conveyed that it would start trading operations in the new exchange later in the month. However, Binance did not share any insider information on its upcoming subsidiary.