I am delighted to announce that our team at Anquan in Singapore has been selected by state owned BNI Bank, one of Indonesia's largest banks, to build blockchain applications for remittance and trade finance. This positions BNI as the bank that will set the pace for technology innovation in the world's fourth largest country by population.

Anquan's private, permissioned blockchain technology is powered by Zilliqa, one of the world's highest throughput blockchain protocols. The Anquan blockchain technology can process thousands of transactions per second and is secured by hardware rooted security, which enables unprecedented levels of safety and privacy control.

BNI is seeking to build a blockchain based remittance platform that will make money transfer more efficient and cost effective for the millions of Indonesians that live outside of their mother country.

BNI's remittance business transacted a volume of US$74 billion in 2017, 10% higher than the previous year.

The bank is also looking to develop a Smart Letter-of-Credit (LOC) application based on the Anquan blockchain to replace the existing paper-intensive process. The application will enable exporters and importers to share information on a private distributed ledger and automatically execute trade deals through a set of digital smart contracts.

BNI's trade finance business transacted a volume of US$40 billion in 2017, 25% higher than the previous year.

The signing ceremony took place at the bank's headquarters in Jakarta and was attended by ambassadors and senior bank officials together with Adam Suherman, CEO at Adamobile, our local partner in Indonesia.

We are very excited about the enormous potential benefits, for both individual consumers and businesses, that will be delivered by our blockchain technology for these applications and look forward to working with the bank's technology and business leadership teams.

Anquan is building private, permissioned blockchain applications for some of the world's biggest players in the supply chain, shipping and financial services industries.

Zilliqa is a high throughput public blockchain that uses sharding to enable several thousands of transactions per second and is developing a new smart contract language that will overcome the major security issues that exist in current smart contracts.



