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Metro Money Exchange selects Dragonfly Fintech for blockchain-based payment solution
Dragonfly Fintech (DF), a Singapore-incorporated financial technology company, has inked a deal to power Metro Money Exchange, a Malaysian licensed wholesale and money remittance company, using the NEM's Blockchain Technology.
The remittance market in Malaysia is about $10 billion per annum. The payment and settlement solution will drive the entire remittance chain, from wholesale foreign exchange to the receipt of fiat money at the recipient's end. It will be implemented in partnership with BC Fintech Sdn Bhd, a Dragonfly system integrator.
"It is about transforming the money remittance space and repositioning the service as a platform business allowing near frictionless participation," said Lon Wong, CEO, Dragonfly Fintech.
Dragonfly said that the solution is also applicable to banks, adding that it will continue to work closely with its clients in supporting their decision-making needs. In addition, the company is also taking a parallel approach by powering money remittance companies, which can later be integrated with other financial institutions into a huge ecosystem.
The use of Dragonfly's platform will ensure compliance to regulatory requirements with a more robust approach in security, efficiency, cost, and most importantly, introducing a paradigm shift in providing services. In particular, the platform solution provides an enablement for the licensed entity to manage all its individual customers' transactions, leaving it to manage the wholesale forex and treasury function separately. The licensed entities will be able to operate their services in an independent private chain and would be able to opt into the ecosystem in the future, while still having the autonomy.
Wong said that the solution has been in the works for the past three years. He added that the remittance service is only a part of a wide range of solutions Dragonfly is providing.
“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," Wong said.
The impact of the services will include significant reduction in transaction cost, faster transactions, complete audit trail, and reconciliation of balances, thereby providing an alternative to current de facto messaging method.
There are plans to extend the service to include mobile payments, debit card functionality, as well as ATM functionality. This is made possible because of the ubiquity and expansiveness of the platform solution. Driven by a core blockchain solution, Dragonfly's offer is an ecosystem for the financial system, from central banks to the consumer, coupling them seamlessly, and directly.