With the intention to revolutionize cross-border payments, Sompo Holdings, Japan’s Insurance giant, has announced a business alliance with the Africa-based leading digital foreign exchange platform and treasury solution BitPesa. The main motive behind this merger is to revolutionize the way financial services and payments are dispersed around the globe.

Sompo Holdings is looking forward to use the blockchain platform of BitPesa to create an efficient method of transferring financial services across the borders. In the former systems, cross-border payment transfer is a tedious affair which results in higher cost and longer duration, says the company. On the other hand, using blockchain can help in creating a platform where the payments can be done instantly with no needs of paying extra international remittance service charges.

The duo has announced that using virtual currencies can omit the need of paying remittance fees and reduce the long wait for the transaction to happen. Regarding this, Takehiko Eguchi, General Manager of Sompo Holdings and Sompo Ventures said that he sees a great opportunity being served after the alliance with BitPesa. BitPesa leverages the blockchain platform to lower the costs and provide an efficient method to transfer services in between the frontier markets. The company also provides a platform where multiple currency exchange is feasible without the need of any third party.

Elizabeth Rosiello, CEO and Founder of BitPesa has stated that Sompo Holdings has also shown its interest to be a shareholder by investing in the digital foreign exchange platform. With this investment, the company intends to deepen its roots and widen its demeanour globally. Adding further she said that BitPesa aims to remove any risk involved in currency transactions, thus helping the insurance giant to achieve efficient running of operations.