- Zilliqa has announced a partnership with Fintech giant Xfers to promote blockchain in the south-east Asian fintech market
- Xfers aims to bring more speed, efficiency and transparency to its payments services using Zilliqa’s smart contracts
- The partnership will also bring various new innovations to Xfers suite of enterprise solutions
Zilliqa, a scalable and secure blockchain company based in Singapore has announced a new partnership with Xfers, a Singapore based fintech start-up with more than 500,000 users around the entire South-East Asian region. Xfers wants to explore the use of Blockchain and smart contracts to bring faster speeds, more efficiency and greater transparency to its payments solutions for enterprises. Zilliqa, on the other hand, has developed a high-throughput public blockchain platform that’s specifically designed to scale of thousands of transactions per seconds. Up until now, the blockchain start-up has successfully reached speeds of up to 2,828 transactions per second.
Revolutionizing Fintech with Blockchain
Xfers has a clientele of 500 start-ups, the company is also backed by Golden Gate Ventures and Facebook co-founder Eduardo Saverin, together with zilliqa’s recently launched smart contracts they aim to make the payments faster and more efficient for their 500,000 user base.
These smart contracts enable transactions to be fully automated and conditional. This means that a contract executes only if both the parties involved perform the required actions as specified in the contract and these are all written in hard code and hence cannot be tampered with making it more secure. Developing Xfer’s payments infrastructure on Zilliqa’s smart contracts layer will bring more innovations to Xfer’s various enterprise solutions.
Xfers also thinks this partnership will help them find a better way of handling more volume when they further grow using Zilliqa’s network as their decentralized counterpart. Xfers has also received an e-wallet license from the Monetary Authority of Singapore in March. The license allows Xfers to hole money on behalf of its users and this gives it an edge over other fintech start-ups.
The CEO and Co-founder of Xfers, Tianwei Liu, commented on the partnership saying:
“By partnering with Zilliqa, we hope to provide a cutting-edge solution that grants equal opportunities and cost-saving solutions for digital businesses looking to set-up in the region. As we enter the next phase of growth for financial innovation, only the most robust technological solutions will enable us to fully embrace the digital economy of the future.”
He further adds how the integration of blockchain adds more transparency and audibility:
“Our enterprise clients and even end-users can examine the smart contracts powering their payment transactions on Xfers, Our banking partners and larger counterparties can audit the client funds in the Xfers Wallet stored value facility on a more frequent basis. Even regulators can now have greater supervisory oversight by viewing the transaction statistics from the distributed ledger.”
Zilliqa president Amrit Kumar said:
“We are excited to embark on this strategic partnership with Xfers as we enable greater usability, security, and scalability to a new and far-reaching use case in today’s financial services space”.
Zilliqa on their greatest success: Sharding
Zilliqa is known for the use of sharding as an on-chain solution to preserve decentralization and thus provide greater scalability. Sharding is a database partitioning technique that divides the entire network into smaller component networks that are capable of processing transactions in parallel. This method can help store data in small chunks off-the-chain which ensures the primary blockchain network is not under pressure. The project aims to rival other payment solution giants like Visa and Mastercard and claims that it can average their transaction rate with its network size of 10,000 nodes. The blockchain based firm has already made major partnerships with industry giants like PepsiCo and is taking blockchain adoption to a whole new level.