A blockchain platform provider called Bezant Foundation (CEO Steve Tay) has signed a partnership with MOIN (CEO Seo Il-seok), which specializes in overseas remittance, and announced that they will be working together for user authentication based on blockchain, information management, design of various remittance methods.
Bezant, which is preparing to launch its Mainnet during first quarter of 2019, is planning to introduce differentiated overseas remittance service through its partnership with MOIN. When remittance takes place through Bezant’s blockchain network, efficiency in all parts of overseas remittance service such as user authentication, information storage, commission system, and transmission speed is improved.
Although MOIN is not using blockchain technology for its remittance service due to incomplete regulation by South Korean Government regarding use of blockchain technology, it has significant amount of knowhow in operating blockchain-based services. It is currently providing overseas remittance service in Japan and China. With its overseas remittance process that is effective, does not go through intermediary banks, and eliminates exchange fees, it is quickly increasing its market shares. In the future, it is planning to expand its service to South-East Asian countries such as Singapore, Vietnam, Thailand, Indonesia, and Malaysia.
“We expect that blockchain technology will be fully applied to overseas remittance market in South Korea in the near future.” said CEO Steve Tay of Bezant. “Bezant and MOIN are going to prepare for the future in advance and implement practical values of blockchain technology.”
“This partnership is not only regards to overseas remittance market but it will also target various payment methods in the future.”
Bezant is currently developing Baas (Blockchain as a Service) platform with IBM.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com