SBI Remit, BitPesa to Offer Blockchain-Facilitated Payments Between Japan and Africa
SBI Remit and BitPesa have partnered to enable faster and cheaper money transactions between Japan and Africa using the Bitcoin (BTC) blockchain. ￼ by Deyana Laguna, 7 hrs ago ￼
SBI Remit, the remittance services arm of Japanese financial services giant SBI Holdings, has teamed up with Kenyan money transfer company BitPesa to enable cross-border payments between Japan and Africa using the Bitcoin (BTC) blockchain.
Currently, money transactions from Japan to Africa are being processed by banks and other middlemen, who first exchange yen into US dollars or euros, and then into African currencies.
Through their partnership, SBI Remit and BitPesa aim to remove the need of costly and slow currency conversions, using a combination of the Bitcoin blockchain and other services to create direct currency pairs between the Japanese yen and the fiat currencies of Ghana, Kenya, Morocco, Nigeria, Senegal, Tanzania, Uganda, and the Democratic Republic of Congo.
Whereas there are many industries currently expanding in the Japanese/African corridor, SBI Remit and BitPesa will focus on specific industries, including used cars, electronics, and Japanese cosmetics. “Many companies are doing trade with African countries and they are suffering from the high cost and the slow speed and not very precise administration. So this is the market that we would like to go in, together with BitPesa,” SBI Remit director Nobuo Ando said as quoted by Forbes on Monday. #bitcoin #blockchain #banking #decentralized #cryptos #newopportunities #cypherpunks #crypto_crackhead #FREEDOM #altcoins #cryptoinvesting