Sompo Holdings And BitPesa Collaboration To Promote Digitization Of International Financial Services

Somp Holdings and BitPesa have joined hands for promoting digitization of international financial services. Somp Holdings is one of the topmost insurers in Japan and its alliance with the leading digital foreign exchange platform and treasury solution in Africa is expected to bring a big revolution in the way individuals, as well as businesses, conduct financial transfers across the borders.

The primary aim of both the companies behind formation of this alliance is to contribute in increasing the global trade as well as to ensure that the global financial services start using digital and latest technology including machine learning, Artificial Intelligence (AI), distributed ledger technology (DLT), and smart contracts in their regular working.

Alliance To Play Major Role In Lowering Remittance Fees

Industries are now making a switchover from the traditional ways of storing and transacting into an era where goods, data, people, and services actively cross the national borders. These financial activities are actively supported by cross-border payment services and international remittance which is extremely expensive.

The lengthy processing of international financial services, as well as the high cost of international remittance fees, poses a serious challenge to the market. Blockchain technology can resolve these obstacles and make the cross-border payments much simpler thereby facilitating smooth global trade.

BitPesa uses blockchain-based settlement process for lowering the cost and simultaneously to increase the business payments speed. It offers services to frontier markets and provides international remittances across Europe and Africa, reported Forbes.

Somp Holdings believes that its alliance with BitPesa can revolutionize the cross-border money transfer. The company is now looking forward for tackling the challenge of the cross-border transaction together. Similar to Somp Holdings, other huge insurance company from Japan, Tokio Marine & Nichido Fire Insurance recently completed a blockchain-based trial for marine cargo insurance claims in collaboration with NTT DATA, IT firm, reported Coindesk.

Just as Somp Holdings is using blockchain to promote digitization of international financial services, similarly, Tokio Marine & Nichido is using its blockchain proof-of-concept (PoC) for settling claims. Until now, eight overseas surveyors and claim-settling agents from Europe, Asia and America have participated in this PoC.

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