Velo Labs, a blockchain based cross-border settlement technology company has recently formed a partnership with Inception, a financial services company that specializes in cross border remittance in Southeast Asia.
The partnership will use Velo technology to move Inception’s remittance business in Indonesia, Malaysia, Philippines, and Singapore from traditional, legacy settlement systems to the more efficient blockchain starting this quarter. This will significantly improve not only the cost-to-serve, but the speed and fees associated with customer transactions.
This marks the third partnership milestone that Velo Labs’ has welcomed in recent months, with Inception joining both Bitazza, a digital asset platform, and TEMPO Payments, a digital money transfer company, into the Velo ecosystem.
Mike Kennedy, CEO of Velo Labs on this announcement:
“The partnership between Inception and Velo is yet another affirmation of Velo Labs’ core mission to improve the fragmented global payments landscape, while simultaneously raising the standard of financial inclusion and mobility. We are excited to bring the power of the blockchain to Inception’s existing currency corridors and to help strengthen and grow their Southeast Asian presence.”
Sumeth Damrongchaitham, CEO of Inception:
“Inception and Velo Labs working together strengthens our shared commitment to make cross-border remittance easy, safe, and convenient for all individuals. With over 50% of the total population in SouthEast Asia remaining unbanked, we are thrilled to be working with Velo Labs, to focus on this underserved segment, while in parallel helping to resolve the “last-mile” problem.”
