The Indian fintech sector has lately been in the news a lot. In yet another milestone achievement, one of the leading banking institution — ICICI has partnered with Stellar blockchain platform.
In the latest release, Stellar has announced partnerships with not one but four different entities across the world. In addition to ICICI Bank, other platforms include Coins.ph — a Philippines-based mobile financial services provider; Flutterwave — a pan-African financial platform; and Tempo Money Transfer — a French remittance service provider.
All the four companies will be using Stellar platform to power transactions on their network and beyond. ICICI Bank has announced plans to use Stellar network to support both domestic and international money transfer. As a pilot program, ICICI Bank is expected to launch a Stellar based cross-border payment channel minus the conventional wire transfer fees. In addition, the banking major has also expressed its intention to create a mobile wallet platform based on cryptocurrency technology for use in university and office campuses.
“With blockchain technology, we are able to conduct business seamlessly with parties with which we had no prior relationships. Blockchain platforms such as Stellar.org are providing us with an automated technology solution to establish trust without the need for an intermediary… enabling us to conduct business a lot quicker, cheaper with lower error rates and lower vulnerability to cyber threats. It is helping us eradicate the need for post-transaction settlements which are cumbersome and expensive. We envision blockchain technology playing a key role in banking in the years ahead.”
Similar to ICICI, Coins.ph’s service will enable people to make domestic transfers to phone numbers or accounts within the Philippines. With Flutterwave and Stellar, M-Pesa users in African nations will be able to make fund transfers within and beyond borders. And Tempo Money Transfer will offer remittance services for European customers, enabling them transfer funds across the globe through institutions connected via Stellar.
These strategic partnerships are a two-way street where all parties involved will benefit mutually.