Pakistan Embraces Blockchain, Alipay, To Shake Up Multi-Billion Dollar Remittance Flows

A drive by Pakistan to corral its deep inflows of remittances into formal channels has led the country’s central bank to encourage the use of blockchain technology by private providers.

Last week, the State Bank of Pakistan (SBP), Ant Financial’s Alipay and Norwegian-based bank Telenor announced a project that would allow Pakistanis in Malaysia to send money home using a system based on distributed ledger technology (DLT).

At a launch event in Islamabad, SBP governor Tariq Bajwa described the project as just one of several measures the bank is taking to modernize the country’s extensive remittance business, domestic payments platforms and banking sector.

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