Velo Labs collaborate with Lightnet and Visa for Payments solution in Asia

Velo Labs collaborates with Lightnet and Visa to jointly develop payment solutions for micro, small, and medium enterprises (MSME) in Asia.

By · Nov 30, 2020 . 5min read

Velo Labs collaborate with Lightnet and Visa news

Velo Labs Technologies Ltd collaborates with Lightnet and Visa. The partnership will develop intelligent payment solutions for the MSME sector in the Asian region. Moreover, the VELO token will act as a digital asset to secure financial solutions. The collaboration will prominently extend the footprint of all three companies. It will enable real-time transactions within money transfer companies, participating banks, and other financial services providers globally.

VELO tokens to serve as collaterals

The initiative intends to offer digital assets as security to users with lower or non-existent credit histories. It enables users to receive a line of credit by depositing digital assets as collateral. This approach will ideally connect over one billion unbanked and underbanked individuals in APAC to the global financial system. The three parties have inked a Memorandum of Understanding (MoU) that is directed towards solving the difficulties of the micro, small, and medium enterprise (MSME) lending market in Asia. Moreover, it intends to offer quick and cheap transfers in banks, payments companies who are ready to participate.

In accordance with recent surveys, approximately one billion people with and seldom without a bank account can receive a loan by this initiative. VELO tokens will act as a digital asset to secure financial services, in this case, a loan. Furthermore, Stellar blockchain will issue the VELO token.

Velo Labs is not only employing the technology of the Stellar Network but also backs it financially to promote its development further globally. Velo Labs’ intends to develop a Federated Credit Exchange Network, powered by the Velo Protocol. Moreover, the two founders of the Stellar Development Foundation, Jed McCaleb and David Maziéres, serve as consultants to Velo Labs. The company receives support from other heavyweights of the tech industry, like Michael Cowans, who has already recommended software companies like Ripple, CipherTrace, and IBM.

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