Malaysian Money Exchange Selects Dragonfly Fintech for Payment Solution
Singapore-based Dragonfly Fintech has announced its deal to power Metro Money Exchange, a Malaysian licensed wholesale and money remittance company using thhttp://www.dragonflyfintech.com/e NEM’s blockchain technology. The payment and settlement solution will be implemented in partnership with BC Fintech Sdn Bhd, a Dragonfly system integrator. The solution will drive the entire remittance chain, from wholesale foreign exchange to the receipt of fiat money at the recipient’s end – tapping into a market that is estimated to be worth about $10 billion per annum in Malaysia.
Lon Wong, CEO of Dragonfly Fintech, remarked: “It is about transforming the money remittance space and repositioning the service as a platform business allowing near frictionless participation,”
This solution is also applicable to banks, who are working through their processes to ensure stakeholder concerns and needs are addressed before embarking. Dragonfly will continue to work closely with its clients in supporting their decision-making needs. While working through the decision-making process with banks, Dragonfly is also taking a parallel approach by powering money remittance companies. Later, this can be integrated with other financial institutions into one large ecosystem. The use of Dragonfly’s platform will ensure compliance to regulatory requirements with a more robust approach in security, efficiency, cost, and introducing a paradigm shift in providing services.
The solution platform does not infringe into the traditional regulatory requirements such as compliance, governance, AML, and KYC – they are still the responsibility of the licensed entity. What the platform solution provides is an opportunity for the licensed entity to manage all its individual customers’ transactions, leaving the licensed entity to manage the wholesale forex and treasury function separately. The solution also allows each licensed entity to operate its services in an independent private chain. At an opportune time, these entities can opt into the ecosystem while still having the autonomy.
Wong commented: “We have been ahead of the pack and painstakingly designed this solution for the last 3 years. With a proven solution, we are able to demonstrate a world’s first in setting the standards right, i.e., establish one’s autonomous private chain and then integrate with the larger, massive network of financial institutions, transacting potentially hundreds of thousands of Tx/s at the system level, all on the blockchain while maintaining independence. This remittance service is only one part of a spectrum of solutions Dragonfly is providing, which includes enabling a country to issue its own sovereign digital money,”
The impact of the services will include reduction in transaction cost, faster transactions, complete audit trail and reconciliation of balances, providing an alternative to current messaging method. In the future this service will be extended to include mobile payments and debit card functionality, as well as ATM functionality.