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BLOCKCHAIN.......Allowing 19,000 Unbanked Migrants in Singapore Transact Securely!


A novel business undertaking is going on in Singapore with a bank partnering with a local Blockchain startup firm to test run payment and transfers for a target 19,000 unbanked migrants in a dormitory.  

Fireinthebone gathered that a Singapore bank has signed an agreement which will see Blockchain payments help up to 19,000 migrants transact without banking access.

As local news outlet Business Times reports Wednesday, Maybank Singapore will leverage native startup InfoCorp Technologies’ CrossPay network to allow migrants in a giant dormitory to pay for purchases digitally.

CrossPay uses Blockchain for storing consumer identities and includes a private platform for making payments. At the other end, Maybank will settle the final amount with dormitory operator TS Group.

The migrant workers in the first site number 16,800, with a further 2,000 potential users due to come on board at a smaller site in Mandai later.

InfoCorp CEO Roy Lai said the value of Blockchain lies in allowing those who could not afford online banking to transact securely. The immutable identity and payment tracking capabilities  of Blockchain technology makes it easy to identify and verify their identity for transactions.  So, “Introducing CrossPay to migrant workers, therefore, makes sense as it is a solution that specifically caters to their needs."

“(Banking) solutions are not suitable for migrant workers as many of them have no experience with banking services,” he explained.

Migrant specific applications for Blockchain are gaining traction internationally. In September, Finland announced a partnership with local fintech startup MONI to issue Blockchain debit cards to the country’s incoming refugees.


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