ISLAMABAD: Pakistan has adopted for the first time the blockchain technology in the banking sector to attract foreign remittances from Malaysia and to counter the illegal Hawala and Hundi system at the international level. The step is in the direction defined by the Financial Action Task Force (FATF) to combat terror financing and money laundering. The blockchain remittance service has been introduced by Telenor Microfinance Bank in partnership with a financial technology company of Malaysia named Valyou. The service will enable Pakistani residents in Malaysia to send money home instantly and securely using Valyou-Telenor’s remittance service provider. The launch of the service marks a major milestone in Pakistan’s journey to promote financial inclusion and boost the speed and efficiency of remittances from Malaysia to Pakistan.

Source: Pakistan Today January 09, 2019 12:53 UTC