Apifiny, a leading fintech company that is building a new internet of financial services, has announced that Singapore-based Onchain Custodian will begin a pilot program to test the integration of Apifiny’s Roxe instant settlement network. The Roxe network is designed to save financial institutions significant time and costs by using blockchain technology to provide highly reliable, secure, and real-time clearing and cross-border settlement of payments and remittances, traditional assets, and digital assets.
On the heels of another recent pilot program with ECS Fin, the news continues Apifiny’s momentum by expanding into APAC and is another step forward in the integration of traditional finance with decentralised technologies. Apifiny is focused on connecting centralised financial institutions with decentralised networks to provide simple, fast, and flexible global trading, liquidity, and settlement solutions for trading institutions, digital asset exchanges, and banks.
“APAC is a key growth market for us to continue leading the industry shift from a traditional account model to a new digital asset paradigm,” said Haohan Xu, CEO of Apifiny. “Today’s international payment settlement systems are too slow, unreliable, and expensive. Our partnership with Onchain Custodian can enable its bank customers to remove barriers of time, geography, and currency so that financial value can move much faster, more reliably and at much lower costs anywhere in the world.”
Through the Roxe global instant settlement network’s one-to-many connection, existing and future bank customers of Onchain will be able to subscribe to the Roxe network service bureau via Onchain’s SAFE digital asset custody platform.
“Our partnership with Apifiny reflects our ongoing accomplishments in bringing enterprise-grade trust and security to the APAC digital asset market,” said Alexandre Kech, CEO of Onchain. “For our customers, including funds, family offices and high-net-worth individuals, we have chosen to work with the Roxe network to enable custody and settlement for both domestic and cross-border payments.”
Onchain, the only Singapore-based digital asset custodian, is a fast-growing industry leader backed by premier investors DHVC, Fosun, and Sequoia Capital. Some of Onchain’s notable partners include Hedera Hasgraph, Neo, Ontology, BabelFinance, Switcheo, Xfers, Pacific Trustees and Zilliqa among others.
The Roxe network is designed to deliver settlement in seconds, instead of minutes or even days, amongst its member nodes on a permissioned blockchain network. Unlike previous approaches that attempted to enable clearing and settlement via the use of one digital asset, Roxe is designed to transfer and settle many different assets and asset classes. The Roxe network is currently designed to support USD and several major digital currencies, with a goal of supporting all G20 fiat currencies and all top 50 digital currencies.