Breaking News
0

Saudi’s PayTabs to Bet on Blockchain for Speedy Banking

Cryptocurrency NewsJun 08, 2018 05:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Saudi’s PayTabs to Bet on Blockchain for Speedy Banking

Saudi-based payment solutions provider PayTabs wants to use blockchain, cryptocurrency, and artificial intelligence to improve the payment process, mainly SME (small and medium enterprise) bank transactions and remittance services, CEO Abdulaziz Al Jouf told Arabian Business.

PayTabs aims to provide solutions to the perennial challenge faced by SMEs across the developing world and the Middle East - slow bank payments. SMEs in Bangladesh, China, India, Nepal, the Philippines, and others countries struggle to streamline the bank payment process, especially when a customized payment option is required.

Al Jouf stated:

“Banks have a lot of red tape. We have much faster workaround solutions, while not compromising on compliance and risk. The reason we are backdated with payments with banks is that there is a lot of pressure regarding KYC (know your customer), KYB (know your business) and all those regulations. We're trying to cut that out and do it much faster with more advanced technology. We work with the bank to take care of this entire product, so we kind of become the bank concerning payment processing. In some markets, we get our own license to become the banking partner."

The crypto revolution

According to Al Jouf, a significant volume of digital banking is seen to integrate emerging platforms such as cryptocurrencies and blockchain despite some lingering issues with the nascent technologies. However, he noted:

“Cryptocurrency is here to stay. How will this happen? There are different dimensions and different directions where it will go. Keep in mind that central banks until today are trying hard to ban [cryptocurrency] because they feel it is out of [their] control. If you think back to why cryptocurrency launched, it is because of the massive collapse in 2011… [It aimed] to make sure currencies and money is protected everywhere.”

Currently, PayTabs is collaborating with several partners to use virtual currency as its fiat channel. However, Al Jouf admits that many are attracted to crypto because of the lure of quick profits, but in reality, there are several challenges in making money from the industry.

Al Jour revealed that PayTabs has a couple of projects with digital currency exchanges in the Middle East and Asia to use crypto in compliance with local rules. One of the projects involves a solution to hasten the remittance processes, he said.

Al Jour’s vision for blockchain improving the lives of people in developing countries is shared by Bacolod City in central Philippines, which will utilize the technology to boost the economy in the countryside.


This article appeared first on Cryptovest
Saudi’s PayTabs to Bet on Blockchain for Speedy Banking
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email