Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

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Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

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Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

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Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

Print Friendly, PDF & Email

Related:

  • No Related Posts

Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

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Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

Print Friendly, PDF & Email

Related:

  • No Related Posts

Cambodia’s Central Bank Pioneers Digital Currency in South East Asia with Launch of Bakong

The National Bank of Cambodia has officially launched its retail central bank digital currency (CBDC) named Project Bakong, co-developed by Japanese fintech company SORAMITSU. The central bank is the first in South East Asia to do so.

Bakong is a multi-stakeholder system that enables instant and final transactions using digital Cambodian Riel (KHR) or United States Dollars (USD).

Bakong is said to work seamlessly and securely in concert with Cambodia’s legacy payment systems, and has already been embraced by 18 financial institutions nationwide. A smartphone app allows anyone with a domestic phone number and bank account to maintain a digital Riel or USD wallet, transfer between accounts, and make person-to-person and point-of-sale payments via phone number or EMVCo-compatible QR code scan.

The purpose of a CBDC in Cambodia

CBDC has been widely acknowledged as a high-potential means of improving financial system efficiency, resilience, and inclusion. A 2020 Bank for International Settlements (BIS) survey of 66 central banks found that 80% of them were engaged in some form of CBDC research or experimentation.

The National Bank of Cambodia (NBC) began its CBDC work in 2016 with the inauguration of Project Bakong, named for a temple of the ancient Khmer Empire. The project’s aim was to explore the capacity of digital payment systems to mitigate burdens for banks, to encourage the use of the Riel, and most importantly, to enhance financial inclusion among underserved citizens.

The NBC concluded that fulfilling these criteria would require a retail CBDC, i.e., a fiat-backed digital currency designed for everyday citizen use as well as large-transaction interbank (wholesale) use. Distributed ledger technologies (DLT) was deemed the most promising way of implementing such a system.

In 2017, the NBC selected Hyperledger Iroha, a blockchain platform, commissioned by the Linux Foundation Hyperledger Project, which SORAMITSU maintains and develops for its retail CBDC use. The NBC and SORAMITSU teams collaborated for three years to implement the project.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu Bakong Timeline

Project Bakong’s Timeline Source: Soramitsu

Bakong’s system design

The system consists of a Bakong Core maintained by the NBC; domains or “payment gateways” assigned by the NBC to commercial financial institutions; and digital wallets assigned by commercial institutions to end users. Commercial institutions access their domains via a desktop app, while end-users access their wallets via iOS/Android apps. Permissions can be set for all system functions on a user-by-user basis, thus preserving the NBC’s regulatory authority and control.

Bakong Core is powered by Hyperledger Iroha, a permissioned append-only distributed ledger or blockchain, which records all transactions immutably in a chronological chain of records stored in multiple nodes. The core runs on a physical infrastructure maintained by NBC, but identical ledger copies are shared with selected institutions. This ensures redundancy and resilience. Byzantine fault-tolerant consensus is used to validate transactions across the ledger copies, eliminating the double-spending problem, the risk of fraud, and counterparty risk.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Payment

Bakong’s Payment Process Source: Soramitsu

Features and advantages of Bakong

Bakong was designed to capitalise upon infrastructure investments made by the NBC during the 2010s. It upgrades a legacy interbank transfer system (FAST) by replacing its relational database with the Iroha distributed ledger, which is resilient by design against hardware failures, tampering, and cyberattacks. It also augments a legacy point-of-sale payment system (CSS) and various private services by allowing much faster and more convenient payments at no cost.

Bakong supports a tiered KYC system where end users can open a low-transfer-limit account using SMS verification, but higher-limit tiers require the user to register a government-issued ID at a bank branch. Tier limits can be dictated by NBC in accordance with current laws and best practices.

With regards to monetary policy, Bakong is currently neutral so the digital Riel and USD are fully backed by cash and do not bear interest. Bakong will not change the fundamental structure of the financial system, and because all digital Riel and USD wallets are backed by assets held at the central bank, bank runs are no more likely and liquidity risks are minimal.

From a broader economic perspective, Bakong is expected to yield benefits for consumers, MSMEs, financial institutions, and the central bank alike.

Will this system, transactions by end users will be free. Financial institutions will save on the cost of separate infrastructure and networks, and will be able to access the Bakong APIs to enrich their online banking offers. The NBC itself will benefit from a much more streamlined nationwide system.

Bakong will also reduce cost, access, and convenience barriers to financial inclusion. It will incentivise banks to develop services for underprivileged citizens, especially the young and digitally-oriented.

Moreover, Bakong’s transaction time is said to stand at around 3-5 seconds and its throughput at nearly 2,000 transactions per second. These rates promise scalability at acceptable costs.

Hyperledger Iroha has been audited by Nettitude. Its Byzantine fault-tolerant consensus algorithm guarantees that the integrity of the ledger can be maintained even if nodes are compromised by accidents or bad actors.

Cambodia Launches Central Bank Digital Currency, Co-Developed With Fintech Company Soramitsu NBC Bakong Architect

Bakong’s Infrastructure Source: Soramitsu

Future plans for Bakong

Since Bakong’s 2019 soft launch, its network of partners and users has steadily grown. Its official launch will enable NBC and its partner institutions to take full advantage of the Bakong infrastructure to promote the digital Riel and create new opportunities for citizens, especially those who are currently unbanked or underbanked. These citizens’ entrance into the financial system will engender new opportunities for Cambodian businesses in turn.

Her Excellency Madam Chea Serey Director General National Bank of Cambodia Bakong CBDC

Her Excellency Madam Chea Serey

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”

Her Excellency Madam Chea Serey, Director General, National Bank of Cambodia

Makoto Takemiya CEO Soramitsu Holdings Bakong Cambodia CBDC

Makoto Takemiya

“We have been diligently building solutions with the National Bank of Cambodia for over three years now, and are currently readying the technology for deployment in other countries and new markets. It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of central bank digital currencies.”

Makoto Takemiya, CEO, Soramitsu Holdings.

In-depth information on Project Bakong is available on National Bank of Cambodia’s white paper.

Featured image: Edited from Pexels and screengrab from Youtube

Print Friendly, PDF & Email

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Velmie Review: White-Label Wallet & Payment Systems Provider

5007f09119678

ajax loader

velmie 1024x682 1

Established 8 years ago – Velmie has built up a reputation as a top-tier financial technology provider, specializing in delivering fiat and crypto wallet solutions for FinTech companies. It has loads of options – and an excellent track record in the industry.

Velmie has successfully developed and launched various products for enterprises and financial institutions, including back-end solutions, desktop, and mobile applications.

Velmie Creates Scalable Payment Solutions

Over the past few years, Velmie has expanded its businesses globally. It operates in some of the largest markets – and also emerging regions, including the US, Europe, Africa, and the Middle East.

Velmie distinguishes itself from other wallet vendors by providing more professional banking technology solutions for specialized financial institutions. Its platform also offers tools like double-entry bookkeeping, the four-eyes principle, and the audit trail record.

These features are empowered by cutting-edge technologies, such as Go and Flutter, which utilize advanced containerization and microservices.

Velmie: White-Label Mobile Wallet Solution
Velmie: White-Label Mobile Wallet Solution

The Microservices Advantage

Microservices architecture allows Velmie to deploy distributed technologies in order to surpass weaknesses in traditional monolithic design, by enabling to flexibly choose the most adaptive option for specific problems.

This kind of architecture gives Velmie a superior ability to improve scalability and reliability for its platform – and other applications that use it as a base.

The company has shown that it can engineer and deliver comprehensive and innovative solutions that establish a connection between everyone in the ecosystem. Velmie is a good choice for FinTech companies that want to narrow down their payment solution concerns and focus more on businesses.

Velmie’s platform can integrate a clients’ system with banks and payment processors, allowing them to create customizations thanks to the support from an enthusiastic and dedicated customer team.

bills

A Great Track Record

After 8 years in the marketplace, Velmie has made a positive impact on the wallets and payments space.

It was named by Clutch as the Top Blockchain Agency on more than one occasion. Velmie has cooperated with several international brands, for instance, they were one of the early adopters of Hyperledger Fabric platform to build nationwide tokenized payments solutions on the emerging markets.

This partnership marked a break-through of the integration between a white-label mobile payment solution and Hyperledger ecosystem, which enables security, traceability, and other advanced functionalities over the entire network.

Core Product Features

Velmie is committed to building an inclusive solution package so as to satisfy each and every client and partner. It has created a rock-solid platform and can work with businesses to make the right kind of payments or wallet platform a reality.

Velmie’s strengths come from a deep knowledge of the industry as well as knowing its customers, which makes it able to develop and constantly improve their products and features.

Let’s take a look at some of the core features of the platform.

  • Multi-currency support, including both fiat money and cryptocurrencies. Velmie provides a White-Label Multi-Asset Trading Platform to help enterprises quickly adopt crypto transactions for their customers. With Velmie’s Digital Asset Trading, FinTech companies can focus on scaling up their business without worrying about technologies or security. Currently, Velmies supports more than 150 fiat and cryptocurrencies.
  • Individual and business accounts. Velmie offers 2 types of accounts so that both individual traders and enterprises or FinTech organizations can get joyful experiences with While-Label Mobile Payment on Velmie.
  • Tiered KYC system out of the box. Velmie totally understands and commits to fully complying with KYC/AML, hence extra measures are applied in order to maintain the privacy and safety of user accounts. Organizations are able to configure custom workflows and integrate KYC Data Intelligence source to offer customers various registration approval methods.
  • Instant P2P transfers between users.
    With the Multi-Asset Trading Platform, Velmie is able to employ real-time transactions and conversions among different fiat and cryptocurrencies. Multisignature transactions are confirmed instantaneously from all corners of the world, with the capacity of over 100,000 transactions/second.
  • QR payments for clients and merchants. To make payment become easy and fast-forward, Velmie implements plenty of integrations into its wallet, including real-time payment through NFC, QR code, and biometric authorization. Payments can be generated and received between buyers and merchants in basically no time.
  • Multiple types of accounts including credit and savings. Velmie allows admin to gain complete control over the client’s accounts and create new accounts with relevant functions. Depending on each client and typical workflow, the admin can authorize an account with either debit or credit function.
  • Multi-language support. To overcome language barriers and assist clients from different nations and regions immediately seek answers for their inquiries and prevent their operation from being unnecessarily interrupted.

    Card management issuing and management. Card payments are also integrated on Velmie’s platform. Furthermore, users can request to get either physical or virtual cards issued and attached to their wallets.

p2p

More Services

Besides the above-mentioned core products, Velmie also offers other services and solutions on a bespoke basis. These services concentrate on enhancing the total system and delivering the right features for every client.

  • Platform customizations. Based on particular requests from clients and self-evaluation, Velmie will customize the platform to meet clients’ functional requirements, markets to serve, compliance requirements, and other factors. All on-demand customizations are handled in-house and transferred to clients, ensuring their operation is maintained in accordance with original purposes, while utilizing the power of While-Label Mobile Payment and other blockchain applications.
  • Custom integrations. Velmie has established close connections with many suppliers and financial institutions. That is the premise for the company to develop solutions for FinTech businesses and help integrate wallet platform to different third parties, from KYC/AML service providers, payment gateways to commercial banks. Thanks to that, all incoming and outgoing transactions are enabled and run smoothly through Velmie’s platform.
  • Dedicated development teams. Velmie’s products and services are developed by a professional team with a deep expertise in technology, platform, blockchain, finance and other related sectors. Until now, the company has successfully earned contracts and partnerships with many global corporates worldwide. Coming to Velmie, FinTech enterprises and funded startups can benefit from hiring dedicated teams that have gained from numerous real-world development cycles.

kyc

A Comprehensive Platform for While Label Payment Solutions

Thanks to Velmie, there is no need for FinTech companies to create their own payment gateway – as Velmie can offer both off the shelf and custom solutions for just about any system.

In addition to an amazing specs sheet, Velmie has loads of real-world experience to draw on – as well as a talented team that is ready to work with companies both large and small. With all of these advantages – it is difficult to consider creating a payment solution from the ground up.

If you want to learn more about what Velmie can do for your company, or how it may be able to improve on your current payments system – just click here to visit the portfolio, and learn more about how it has helped other companies compete in the digital economy.

The post Velmie Review: White-Label Wallet & Payment Systems Provider appeared first on Blockonomi.





Source: Velmie Review: White-Label Wallet & Payment Systems Provider

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Velmie Review: White-Label Wallet & Payment Systems Provider

5007f09119678

ajax loader

velmie 1024x682 1

Established 8 years ago – Velmie has built up a reputation as a top-tier financial technology provider, specializing in delivering fiat and crypto wallet solutions for FinTech companies. It has loads of options – and an excellent track record in the industry.

Velmie has successfully developed and launched various products for enterprises and financial institutions, including back-end solutions, desktop, and mobile applications.

Velmie Creates Scalable Payment Solutions

Over the past few years, Velmie has expanded its businesses globally. It operates in some of the largest markets – and also emerging regions, including the US, Europe, Africa, and the Middle East.

Velmie distinguishes itself from other wallet vendors by providing more professional banking technology solutions for specialized financial institutions. Its platform also offers tools like double-entry bookkeeping, the four-eyes principle, and the audit trail record.

These features are empowered by cutting-edge technologies, such as Go and Flutter, which utilize advanced containerization and microservices.

Velmie: White-Label Mobile Wallet Solution
Velmie: White-Label Mobile Wallet Solution

The Microservices Advantage

Microservices architecture allows Velmie to deploy distributed technologies in order to surpass weaknesses in traditional monolithic design, by enabling to flexibly choose the most adaptive option for specific problems.

This kind of architecture gives Velmie a superior ability to improve scalability and reliability for its platform – and other applications that use it as a base.

The company has shown that it can engineer and deliver comprehensive and innovative solutions that establish a connection between everyone in the ecosystem. Velmie is a good choice for FinTech companies that want to narrow down their payment solution concerns and focus more on businesses.

Velmie’s platform can integrate a clients’ system with banks and payment processors, allowing them to create customizations thanks to the support from an enthusiastic and dedicated customer team.

bills

A Great Track Record

After 8 years in the marketplace, Velmie has made a positive impact on the wallets and payments space.

It was named by Clutch as the Top Blockchain Agency on more than one occasion. Velmie has cooperated with several international brands, for instance, they were one of the early adopters of Hyperledger Fabric platform to build nationwide tokenized payments solutions on the emerging markets.

This partnership marked a break-through of the integration between a white-label mobile payment solution and Hyperledger ecosystem, which enables security, traceability, and other advanced functionalities over the entire network.

Core Product Features

Velmie is committed to building an inclusive solution package so as to satisfy each and every client and partner. It has created a rock-solid platform and can work with businesses to make the right kind of payments or wallet platform a reality.

Velmie’s strengths come from a deep knowledge of the industry as well as knowing its customers, which makes it able to develop and constantly improve their products and features.

Let’s take a look at some of the core features of the platform.

  • Multi-currency support, including both fiat money and cryptocurrencies. Velmie provides a White-Label Multi-Asset Trading Platform to help enterprises quickly adopt crypto transactions for their customers. With Velmie’s Digital Asset Trading, FinTech companies can focus on scaling up their business without worrying about technologies or security. Currently, Velmies supports more than 150 fiat and cryptocurrencies.
  • Individual and business accounts. Velmie offers 2 types of accounts so that both individual traders and enterprises or FinTech organizations can get joyful experiences with While-Label Mobile Payment on Velmie.
  • Tiered KYC system out of the box. Velmie totally understands and commits to fully complying with KYC/AML, hence extra measures are applied in order to maintain the privacy and safety of user accounts. Organizations are able to configure custom workflows and integrate KYC Data Intelligence source to offer customers various registration approval methods.
  • Instant P2P transfers between users.
    With the Multi-Asset Trading Platform, Velmie is able to employ real-time transactions and conversions among different fiat and cryptocurrencies. Multisignature transactions are confirmed instantaneously from all corners of the world, with the capacity of over 100,000 transactions/second.
  • QR payments for clients and merchants. To make payment become easy and fast-forward, Velmie implements plenty of integrations into its wallet, including real-time payment through NFC, QR code, and biometric authorization. Payments can be generated and received between buyers and merchants in basically no time.
  • Multiple types of accounts including credit and savings. Velmie allows admin to gain complete control over the client’s accounts and create new accounts with relevant functions. Depending on each client and typical workflow, the admin can authorize an account with either debit or credit function.
  • Multi-language support. To overcome language barriers and assist clients from different nations and regions immediately seek answers for their inquiries and prevent their operation from being unnecessarily interrupted.

    Card management issuing and management. Card payments are also integrated on Velmie’s platform. Furthermore, users can request to get either physical or virtual cards issued and attached to their wallets.

p2p

More Services

Besides the above-mentioned core products, Velmie also offers other services and solutions on a bespoke basis. These services concentrate on enhancing the total system and delivering the right features for every client.

  • Platform customizations. Based on particular requests from clients and self-evaluation, Velmie will customize the platform to meet clients’ functional requirements, markets to serve, compliance requirements, and other factors. All on-demand customizations are handled in-house and transferred to clients, ensuring their operation is maintained in accordance with original purposes, while utilizing the power of While-Label Mobile Payment and other blockchain applications.
  • Custom integrations. Velmie has established close connections with many suppliers and financial institutions. That is the premise for the company to develop solutions for FinTech businesses and help integrate wallet platform to different third parties, from KYC/AML service providers, payment gateways to commercial banks. Thanks to that, all incoming and outgoing transactions are enabled and run smoothly through Velmie’s platform.
  • Dedicated development teams. Velmie’s products and services are developed by a professional team with a deep expertise in technology, platform, blockchain, finance and other related sectors. Until now, the company has successfully earned contracts and partnerships with many global corporates worldwide. Coming to Velmie, FinTech enterprises and funded startups can benefit from hiring dedicated teams that have gained from numerous real-world development cycles.

kyc

A Comprehensive Platform for While Label Payment Solutions

Thanks to Velmie, there is no need for FinTech companies to create their own payment gateway – as Velmie can offer both off the shelf and custom solutions for just about any system.

In addition to an amazing specs sheet, Velmie has loads of real-world experience to draw on – as well as a talented team that is ready to work with companies both large and small. With all of these advantages – it is difficult to consider creating a payment solution from the ground up.

If you want to learn more about what Velmie can do for your company, or how it may be able to improve on your current payments system – just click here to visit the portfolio, and learn more about how it has helped other companies compete in the digital economy.

The post Velmie Review: White-Label Wallet & Payment Systems Provider appeared first on Blockonomi.





Source: Velmie Review: White-Label Wallet & Payment Systems Provider

Related:

  • No Related Posts

Velmie Review: White-Label Wallet & Payment Systems Provider

5007f09119678

ajax loader

velmie 1024x682 1

Established 8 years ago – Velmie has built up a reputation as a top-tier financial technology provider, specializing in delivering fiat and crypto wallet solutions for FinTech companies. It has loads of options – and an excellent track record in the industry.

Velmie has successfully developed and launched various products for enterprises and financial institutions, including back-end solutions, desktop, and mobile applications.

Velmie Creates Scalable Payment Solutions

Over the past few years, Velmie has expanded its businesses globally. It operates in some of the largest markets – and also emerging regions, including the US, Europe, Africa, and the Middle East.

Velmie distinguishes itself from other wallet vendors by providing more professional banking technology solutions for specialized financial institutions. Its platform also offers tools like double-entry bookkeeping, the four-eyes principle, and the audit trail record.

These features are empowered by cutting-edge technologies, such as Go and Flutter, which utilize advanced containerization and microservices.

Velmie: White-Label Mobile Wallet Solution
Velmie: White-Label Mobile Wallet Solution

The Microservices Advantage

Microservices architecture allows Velmie to deploy distributed technologies in order to surpass weaknesses in traditional monolithic design, by enabling to flexibly choose the most adaptive option for specific problems.

This kind of architecture gives Velmie a superior ability to improve scalability and reliability for its platform – and other applications that use it as a base.

The company has shown that it can engineer and deliver comprehensive and innovative solutions that establish a connection between everyone in the ecosystem. Velmie is a good choice for FinTech companies that want to narrow down their payment solution concerns and focus more on businesses.

Velmie’s platform can integrate a clients’ system with banks and payment processors, allowing them to create customizations thanks to the support from an enthusiastic and dedicated customer team.

bills

A Great Track Record

After 8 years in the marketplace, Velmie has made a positive impact on the wallets and payments space.

It was named by Clutch as the Top Blockchain Agency on more than one occasion. Velmie has cooperated with several international brands, for instance, they were one of the early adopters of Hyperledger Fabric platform to build nationwide tokenized payments solutions on the emerging markets.

This partnership marked a break-through of the integration between a white-label mobile payment solution and Hyperledger ecosystem, which enables security, traceability, and other advanced functionalities over the entire network.

Core Product Features

Velmie is committed to building an inclusive solution package so as to satisfy each and every client and partner. It has created a rock-solid platform and can work with businesses to make the right kind of payments or wallet platform a reality.

Velmie’s strengths come from a deep knowledge of the industry as well as knowing its customers, which makes it able to develop and constantly improve their products and features.

Let’s take a look at some of the core features of the platform.

  • Multi-currency support, including both fiat money and cryptocurrencies. Velmie provides a White-Label Multi-Asset Trading Platform to help enterprises quickly adopt crypto transactions for their customers. With Velmie’s Digital Asset Trading, FinTech companies can focus on scaling up their business without worrying about technologies or security. Currently, Velmies supports more than 150 fiat and cryptocurrencies.
  • Individual and business accounts. Velmie offers 2 types of accounts so that both individual traders and enterprises or FinTech organizations can get joyful experiences with While-Label Mobile Payment on Velmie.
  • Tiered KYC system out of the box. Velmie totally understands and commits to fully complying with KYC/AML, hence extra measures are applied in order to maintain the privacy and safety of user accounts. Organizations are able to configure custom workflows and integrate KYC Data Intelligence source to offer customers various registration approval methods.
  • Instant P2P transfers between users.
    With the Multi-Asset Trading Platform, Velmie is able to employ real-time transactions and conversions among different fiat and cryptocurrencies. Multisignature transactions are confirmed instantaneously from all corners of the world, with the capacity of over 100,000 transactions/second.
  • QR payments for clients and merchants. To make payment become easy and fast-forward, Velmie implements plenty of integrations into its wallet, including real-time payment through NFC, QR code, and biometric authorization. Payments can be generated and received between buyers and merchants in basically no time.
  • Multiple types of accounts including credit and savings. Velmie allows admin to gain complete control over the client’s accounts and create new accounts with relevant functions. Depending on each client and typical workflow, the admin can authorize an account with either debit or credit function.
  • Multi-language support. To overcome language barriers and assist clients from different nations and regions immediately seek answers for their inquiries and prevent their operation from being unnecessarily interrupted.

    Card management issuing and management. Card payments are also integrated on Velmie’s platform. Furthermore, users can request to get either physical or virtual cards issued and attached to their wallets.

p2p

More Services

Besides the above-mentioned core products, Velmie also offers other services and solutions on a bespoke basis. These services concentrate on enhancing the total system and delivering the right features for every client.

  • Platform customizations. Based on particular requests from clients and self-evaluation, Velmie will customize the platform to meet clients’ functional requirements, markets to serve, compliance requirements, and other factors. All on-demand customizations are handled in-house and transferred to clients, ensuring their operation is maintained in accordance with original purposes, while utilizing the power of While-Label Mobile Payment and other blockchain applications.
  • Custom integrations. Velmie has established close connections with many suppliers and financial institutions. That is the premise for the company to develop solutions for FinTech businesses and help integrate wallet platform to different third parties, from KYC/AML service providers, payment gateways to commercial banks. Thanks to that, all incoming and outgoing transactions are enabled and run smoothly through Velmie’s platform.
  • Dedicated development teams. Velmie’s products and services are developed by a professional team with a deep expertise in technology, platform, blockchain, finance and other related sectors. Until now, the company has successfully earned contracts and partnerships with many global corporates worldwide. Coming to Velmie, FinTech enterprises and funded startups can benefit from hiring dedicated teams that have gained from numerous real-world development cycles.

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A Comprehensive Platform for While Label Payment Solutions

Thanks to Velmie, there is no need for FinTech companies to create their own payment gateway – as Velmie can offer both off the shelf and custom solutions for just about any system.

In addition to an amazing specs sheet, Velmie has loads of real-world experience to draw on – as well as a talented team that is ready to work with companies both large and small. With all of these advantages – it is difficult to consider creating a payment solution from the ground up.

If you want to learn more about what Velmie can do for your company, or how it may be able to improve on your current payments system – just click here to visit the portfolio, and learn more about how it has helped other companies compete in the digital economy.

The post Velmie Review: White-Label Wallet & Payment Systems Provider appeared first on Blockonomi.





Source: Velmie Review: White-Label Wallet & Payment Systems Provider

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