Malaysian remittance company Metro Money Exchange has selected Dragonfly Fintech, a Singapore-based blockchain technology provider, to power its remittance business.
The Malaysian remittance market processes about $10 billion annually, it said in a June 20 news release. Dragonfly’s technology would power all Metro Money transactions, from the point of wholesale foreign exchange to the receipt of funds on the receiving end of a transfer.
Companies can manage their businesses independently and efficiently on their own private blockchain networks while remaining active in the broader network of financial institutions. The technology also provides a way for commercial clients to automate customer transaction management, enabling a focus on managing wholesale foreign exchange and treasury functions.
Part of Singapore's technology scene, Dragonfly is one of many global payment startup companies lured by blockchain technology’s promise for greater speed and transparency of asset transfers, as well as lower costs.
The remittance service is one of a whole spectrum of solutions Dragonfly will address with its blockchain technology, CEO Lon Wong said in the release. The company wants to demonstrate how to “establish one's autonomous private chain and then integrate with the larger, massive network of financial institutions, transacting potentially hundreds of thousands of transactions per second at the system level, all on the blockchain while maintaining independence,” he said.
Neither company indicated when Metro would go live with its blockchain-powered remittance transfers.