Pakistan's first block chain technology-based remittance service launched

Pakistan's first block chain technology-based remittance service has been launched.

Addressing the launching ceremony of the service in Islamabad, Governor State Bank Tariq Bajwa said the block chain remittance service would complement efforts made by the government and SBP to promote the transfer of home remittances using formal financial channels. He said home remittances contributed to over 6 per cent of the GDP and thus hold key position in economic uplift of the country.

The block chain remittance service has been introduced by Telenor Microfinance Bank in partnership with a financial technology company of Malaysia named Valyou.

A block chain is a list of records containing time stamps and transaction data that are linked and secured by using cryptography and are impossible to be hacked or modified.

The service will enable Pakistani residents in Malaysia to send money home instantly and securely using Valyou-Telenor's remittance service provider.

The launch of the service marks a major milestone in Pakistan's journey to promote financial inclusion and boost the speed and efficiency of remittances from Malaysia to Pakistan.