THELOGICALINDIAN - Blockchain technology will be authoritative its way to Malaysian broad and remittance aggregation Metro Money Exchange anon The accountant action active a accord with Dragonfly Fintech to use the New Economy Movements blockchain technology
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The name Dragonfly Fintech will arena a alarm for some, as the aggregation is application a amalgam anatomy of distributed balance technology. On the one hand, there is the New Economy Movement blockchain, accumulated with Mijin. The closing is a clandestine blockchain able of recording several bags of affairs per second.
Dragonfly Fintech Uses Hybrid Blockchain Solutions
Now that Metro Money Exchange has partnered with Dragonfly Fintech, both companies will accommodate this technology into the remittance and broad industries.
In fact, the absolute remittance belvedere — which covers broad adopted barter and cancellation of funds — will use this blockchain solution.
That is absolutely cogent news, because how the remittance bazaar in Malaysia is account almost $10 billion USD per year.
Mjin blockchain technology is a acceptable fit for banks, but it can be acclimated in the broader spectrum of finance. So far, SBI Sumishin Net Bank publicly accustomed they are application the Mijin blockchain for testing purposes. A absolute of 2.5 actor basic coffer accounts were created during this trial. Moreover, the broadcast balance accepted it could handle over 90,000 affairs per second.
Dragonfly Fintech CEO Lon Wong told the media:
It is rather absorbing to see the New Economy Movement technology accepting an easier access into the banking world. Although the New Economy Movement activity has aureate beneath the radar, the ecosystem’s bazaar cap has abundantly increased. In fact, the badge is now the cardinal 6 ranked cryptocurrency, according to CoinMarketCap.
Competition for Bitcoin?
Financial institutions accept not taken a liking to Bitcoin technology in its accessible anatomy and formed on clandestine solutions instead.
Since there was no Bitcoin captivation in the banking area per se, there is no “competition” to allege of.
However, that does not necessarily beggarly Dragonfly Fintech will accomplish with Mijin/NEM technology either.
It is absolute to see Malaysian companies all-embracing Fintech and blockchain technology in general, though. Not too continued ago, the Malaysian Central Bank announced they will acclimate Fintech adjustment in the country. This affiliation amid Dragonfly Fitness and Metro Money Exchange seems to be a aftereffect of this absolute attitude.
What are your thoughts on this clandestine blockchain band-aid authoritative its way to remittance and broad in Malaysia? Let us apperceive in the comments below!
Source: Pr Newswire
Images address of Dragonfly Fintech, Shutterstock.
