SAN FRANCISCO, PARIS and BANGKOK, August 10, 2021 /PRNewswire/ -- Velo Labs, TEMPO Payments, and Bitazza Thailand have opened up a remittance corridor between 27 countries in the EU region and Thailand.
The cross-border transactions leverage the Velo Protocol, Velo tokens, and Velo digital credits, which are one of the most compliance-friendly and price-stable virtual assets. Plus each transaction settles in seconds, thanks to the speed of the Stellar blockchain. Through this partnership with Velo Labs, TEMPO Payments and Bitazza, both licensed financial institutions, are leading the way in revolutionizing international payments by connecting the ASEAN and EU markets, representing about $17 billion and nearly 600 million customers.
Today's financial system's make it slow and costly to send money around the world. The 3 companies are focused on improving these inefficiencies by relying on their respective networks and Velo Labs' decentralized technology, and offering fast, low-cost, and secure ways to send money between Europe and Thailand.
Mike Kennedy, CEO of Velo Labs on this historic transaction:
"What we've launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality."
Suren Ayriyan, CEO, TEMPO Payments, on this offering:
"This is only the beginning of our vision to service millions of individuals in Asia and beyond. We hope to continue working with Velo Labs to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO Payments customers, both existing and new.
Kevin Heng, Chief Strategy Officer of Bitazza, states:
"Bitazza is pleased to work in conjunction with Velo and TEMPO Payments to help facilitate the launch of this Europe to Thailand remittance corridor. This program will contribute towards improving and raising the standard of financial inclusion and mobility for millions of users worldwide, and is another step forward in our shared commitment to fundamentally change the global remittance industry and push Thailand/South East Asia as the global frontier for next-generation financial innovation."
About Velo Labs
Velo Labs is building a global settlement network to make it faster, cheaper, and more reliable for businesses and individuals to send money globally. The company is developing blockchain-based, enterprise-grade, and compliance-first products enabling financial institutions to transfer value seamlessly around the world.
About TEMPO Payments
TEMPO Payments is an electronic payment institution and the principal EU anchor for Stellar blockchain payments. As a cross-border transactions and settlements operator, TEMPO Payments provides payment services for businesses worldwide and stands for the complete transparency of all operations, the immutability of records, high transaction speeds and highly competitive commission rates.
Bitazza was founded by a team of experts in collective fields ranging from finance, information technology, creative development, and others who share a single vision in digital asset growth and adoption as part of the financial technology world. Bitazza provides traders and issuers access to the most liquid and active digital asset markets, globally priced in Asian currencies. Bitazza aims to become Southeast Asia's platform of choice for listing, trading and managing cryptoassets in a regulated environment.
SOURCE Velo Labs