Soramitsu, a Japanese fintech company, has announced that it will develop a cross border payment system using central bank digital currencies (CBDCs) and stablecoin in Asia. The project, which is funded by the Japan International Cooperation Agency (JICA), aims to facilitate low-cost and secure remittances between Japan, Cambodia, Myanmar, and other countries in the region.
Soramitsu is the developer of Hyperledger Iroha, a blockchain platform that supports the creation and management of digital assets. The company has been involved in several CBDC initiatives, such as the Bakong project in Cambodia, which is the first retail CBDC in the world. Soramitsu also partnered with the National Bank of Cambodia to launch a stablecoin pegged to the Cambodian riel.
The cross-border payment system will leverage Soramitsu’s expertise in CBDCs and stablecoin to enable faster and cheaper transactions across borders. The system will also comply with the regulatory and legal frameworks of each country, as well as the international standards for anti-money laundering (AML) and counter-terrorism financing (CTF).
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Soramitsu’s CEO, Makoto Takemiya, said that the project will contribute to the economic development and financial inclusion of Asia. He added that Soramitsu is honored to work with JICA and other partners to realize the vision of a digital economy powered by blockchain technology. The project is expected to start in October 2023 and last for two years. Soramitsu will collaborate with local stakeholders, such as central banks, commercial banks, remittance service providers, and non-governmental organizations (NGOs), to design and implement the cross-border payment system.
Nexus Mutual Partners with INShare to offer Decentralized Insurance to UK Shopkeepers
Nexus Mutual, the leading decentralized insurance platform, has announced a partnership with INShare, a UK-based insurance company that specializes in providing coverage for small and medium-sized businesses. The partnership will enable Nexus Mutual to offer its innovative and transparent insurance products to UK shopkeepers, who are often underserved by traditional insurers.
Nexus Mutual is a community-owned and operated platform that leverages blockchain technology to create a more efficient and fair insurance market. Nexus Mutual members can pool their funds and share risk with each other, without intermediaries or centralized authorities. Members can also vote on claims, governance, and risk assessment, ensuring that the platform is aligned with their interests and values.
INShare is a new entrant in the UK insurance market, with a mission to provide affordable and accessible insurance solutions for small businesses. INShare offers flexible and customized policies that cater to the specific needs and risks of different sectors, such as retail, hospitality, and e-commerce. INShare also leverages blockchain technology to streamline its operations and reduce costs.
The partnership between Nexus Mutual and INShare will allow UK shopkeepers to access Nexus Mutual’s smart contract cover, which protects them from losses due to bugs or hacks in smart contracts. Smart contracts are self-executing agreements that run on blockchain networks, such as Ethereum. They enable various decentralized applications and services, such as lending, trading, gaming, and more. However, smart contracts are also vulnerable to errors or malicious attacks, which can result in significant losses for users.
By purchasing smart contract cover from Nexus Mutual through INShare, UK shopkeepers can safeguard their funds and assets that are stored or transacted on smart contracts. For example, a shopkeeper who accepts payments in cryptocurrency can use smart contract cover to protect their wallet from being hacked or drained. Similarly, a shopkeeper who uses decentralized platforms for inventory management or supply chain can use smart contract cover to ensure that their transactions are executed correctly and securely.
The partnership will also enable UK shopkeepers to access Nexus Mutual’s discretionary cover, which is a more general form of insurance that covers any type of risk that is not covered by traditional insurers. Discretionary cover allows members to propose and vote on any type of claim, as long as it is within the legal and ethical boundaries of the platform. For example, a shopkeeper who suffers from a fire or flood damage can submit a claim for discretionary cover and receive compensation from the Nexus Mutual pool if the claim is approved by the members.
The partnership between Nexus Mutual and INShare is a milestone for the decentralized insurance industry, as it demonstrates the potential and value of combining blockchain technology with traditional insurance models. By offering decentralized insurance products to UK shopkeepers, Nexus Mutual and INShare aim to provide more choice, transparency, and fairness to the insurance market, and empower small businesses to thrive in the digital economy.