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Retail Banking Organisation Turns to Blockchain Technology To Address Remittance Needs

Singapore-based Blockchain Consultancy, Moonwhale Ventures had announced their next major business client, Odyssey Financial Group, confirmed in a press release Jan. 9. Together, they will develop a new remittance system utilising hybrid ATMs and blockchain technology under the name MoneyFi.

The scope of blockchain technology for remittance is increasing in emerging markets. Distributed Ledger Technology (DLT) can serve as the backbone of a new cross-border payments infrastructure to solve inefficiencies and provide fast, more affordable and secure service.

MoneyFi is the brainchild of a US retail banking support organisation, Odyssey Financial Group. Leveraging the Octagon Platform’s rapid deployment rate of its ATM Network, MoneyFi will address the growing market demands for a better alternative in remittance. Its non-traditional approach is purpose-built to drastically reduce transaction fee costs, providing financial inclusion for non-banked and unbanked people.

CEO & Founder of Odyssey Financial Group, Sebastian Ponceliz, commented on their partnership with Moonwhale Ventures:

“After the review of several proposals, we decided to go with Moonwhale Ventures not just only for its solid and clear ideas regarding the crypto asset ecosystem but also for the professionalism of their management. Finally, we believe that Moonwhale can expand the revolutionary concept of MoneyFi worldwide.”

In addition to providing technical, operational and financial support, advisory on Blockchain tech implementation, and an industry network of 50k+ connections, Moonwhale will undertake the task of building attractive investment and token models, marketing and go-to-market strategies. Moonwhale shall, but not limited to, prepare MoneyFi with the necessary prerequisites of becoming a leading remittance system which branches out globally.

“We believe MoneyFi has what it takes to build a world-class Internet of Money with its innovative approach,” said Danny Christ, CEO and Co-Founder, Moonwhale Ventures. “MoneyFi’s mission aligns with our core belief in blockchain technology’s revolutionary capabilities in optimising the value chain, in this case, payment and remittance services.”

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