Indonesian Bank Partners with Blockchain Tech Company for Indonesia-Europe Remittances

Apr 2020

Everest, a blockchain-based decentralized digital payment Software-as-a-Service (SaaS) provider, has announced the conclusion of a partnership with BRI Remittance, a subsidiary of Bank Rakyat Indonesia, one of Indonesia’s largest banks.

San Diego-based Everest describes its solution as a device-free globally accessible, digital transaction protocol with built-in identity. Applications include cash transfers to biometrically verified users, micro-finance, micro insurance, management of Medical records, management of land records, and regulatory compliance with know-your-customer (KYC), anti-money laundering/combating the financing of terrorism (AML/CFT)

According to the partnership agreement, Everest will provide a state-of-the-art digital commerce platform, combining licenses and approvals by financial regulators, value exchange, identity verification and compliance reporting. The Everest platform will allow senders to put conditions on the money sent, through blockchain smart contracts. Even users without a smartphone will be able to receive money over the platform.

The partnership will allow Indonesians and Europeans to execute exchange of value across international borders and is expected to drive business within the Indonesia-Europe corridor. Indonesia received USD 11.7 billion in remittances in 2019, accounting for 1.1% of the country’s GDP. Remittances from Europe represent more than USD 500 million. The cost of sending money to the country stood at 6.12% as of Q1 2020.

In September 2018, Everest announced a partnership with Indonesia’s TNP2K (National Team for the Acceleration of Poverty Reduction) to conduct a pilot in selected regions to enhance the efficiency, accountability, transparency, and gender inclusivity of the National LPG (Liquefied Petroleum Gas) Subsidy Program.

(Source: Finextra)

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