Singapore-based global payments technology company, Wise MPay, announced they are working with blockchain specialists, Jelurida, to launch a public-permissioned blockchain financial services (BFS) platform.
With KPMG research showing 27% of Southeast Asians own a bank account while local mobile connections outnumber the population by 33%, the region is ripe for access to digital finance.
The platform is named Coalculus, and is aiming to launch in September 2019 as Jelurida Public License (JPL) compliant software that brings digital payment, remittance, and ATM solutions to governments, banks, and the unbanked of Southeast Asia.
Based on a permissioned version of Jelurida’s Ardor technology, Coalculus promises lower costs, faster execution of transactions, improved transparency, auditability of operations, and other advantages that will benefit both financial institutions and unbanked individuals seeking access to digital financial services.
Wise MPay also added end-to-end KYC/AML/CFT processes to its enterprise blockchain solution, value added with internet-of-things (IOT) devices such as prepaid cards and automated teller machines (ATMs)
Additionally, Coalculus will provide the infrastructure for easily developing, integrating, and adopting mobile applications with built-in tools like QR code generators and standard application programming interfaces (APIs).
Mr. Jack Bai, Director of Wise MPay, said, “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.”
“We are impressed by the professionalism of the Coalculus team. Wise MPay came to us with more than just a vision,” said Lior Yaffe, Senior Developer and Managing Director of Jelurida. “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.”