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Telenor Pakistan Unveils Cross-border Remittance Service With Alipay Blockchain

Norwegian telecom giant Telenor's Pakistan unit launched a blockchain-based cross-border remittance service. The new service is expected to significantly boost the speed and efficiency of remittances from Malaysia to Pakistan.

Telenor Microfinance Bank has teamed with Telenor's Easypaisa as well as Telenor's Malaysian remittance service provider Valyou to launch the country's first blockchain-based international remittance service.

The blockchain technology used in the service is developed by Alipay, the online payment platform operated by Ant Financial Services Group.

The service will make round-the-clock, real-time money transfers between the two countries possible. During the one-year trial period, Alipay's transaction fees will be waived, Telenor said.

Commenting on the service, State Bank of Pakistan Governor Tariq Bajwa said, "This puts Pakistan on the map of very few countries in the world that have launched International Remittance using blockchain technology. At around USD 20 billion per year, international remittances are important from the perspective of overall macroeconomic stability and their positive spillover in improving lives of millions of families."

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