TEMPO France (operating brands: TEMPO Money Transfer, TEMPO Payments), Velo Labs, and Bitazza Thailand have opened up a remittance corridor between 27 countries in the EU region and Thailand.
Thailand is one of the fast-growing remittance markets, with $6.7 billion coming from abroad annually, as per the World Bank data, but the country is still one of the most expensive regions, in terms of remittance prices globally. TEMPO and partners are aimed at changing this trend, by delivering affordable, high-speed and secure remittance services based on the Stellar blockchain.
Through this partnership with Velo Labs, and Bitazza, as a licensed financial institution, TEMPO Payments and partners are leading the way in revolutionizing international payments by connecting the ASEAN and EU markets, representing about $17 billion and nearly 600 million customers.
Today’s financial system’s make it slow and costly to send money around the world. Globally, sending remittances costs an average of 6.38 percent of the amount sent. The 3 companies are focused on improving these inefficiencies by relying on their respective networks and decentralized technology, and offering fast, low-cost, and secure ways to send money between Europe and Thailand.
Suren Ayriyan, CEO, TEMPO Payments, on this innovative project:
“This remittance corridor has been built on the TEMPO payment ecosystem which gives full interoperability for its participants. The launch of this remittance corridor was made possible due to the TEMPO Payments ecosystem – treasury by token as well as easy and fast KYC. It is a proof of our infrastructure readiness for the global fintech challenges in 2021 requiring high-speed technologies and low-risk solutions. We aim to revolutionize financial services with the power of blockchain, starting with cross-border payments for businesses and individuals in Europe and Southeast Asia. We hope to continue working with Velo Labs and partners to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO Payments customers, both existing and new.”
Mike Kennedy, CEO of Velo Labs on this historic transaction:
“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe.
Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”
Kevin Heng, Chief Strategy Officer of Bitazza, states:
“Bitazza is pleased to work in conjunction with Velo and TEMPO Payments to help facilitate the launch of this Europe to Thailand remittance corridor. This program will contribute towards improving and raising the standard of financial inclusion and mobility for millions of users worldwide, and is another step forward in our shared commitment to fundamentally change the global remittance industry and push Thailand/Southeast Asia as the global frontier for next-generation financial innovation.”