Velo Labs, Inception Collaborate on Cross-Border Payments
The cross-border settlement FinTech Velo Labs has launched a partnership with Inception, a Thai firm specializing in cross-border remittances in Southeast Asia.
The two companies announced the partnership Wednesday (Oct. 27), saying it will use Velo’s technology to shift Inception’s business in Indonesia, Malaysia, Philippines and Singapore from “traditional, legacy settlement systems to the more efficient blockchain starting this quarter.”
The companies say this will improve both cost-to-serve and the speed and fees connected to customer transactions.
"The partnership between Inception and Velo is yet another affirmation of Velo Labs' core mission to improve the fragmented global payments landscape, while simultaneously raising the standard of financial inclusion and mobility,” Velo CEO Mike Kennedy said.
“We are excited to bring the power of the blockchain to Inception's existing currency corridors and to help strengthen and grow their Southeast Asian presence,” Kennedy said.
“Inception and Velo Labs working together strengthens our shared commitment to make cross-border remittance easy, safe and convenient for all individuals,” added Sumeth Damrongchaitham, CEO of Inception.
Based in Bangkok, Inception provides cross border remittance, lifestyle services and a regional last-mile network, with the aim of promoting financial inclusion for Southeast Asia’s unbanked and underserved communities.
“With over 50% of the total population in Southeast Asia remaining unbanked, we are thrilled to be working with Velo Labs, to focus on this underserved segment, while in parallel helping to resolve the “last-mile” problem,” Damrongchaitham said.
Velo says this is its third partnership in recent months, following agreements with the digital asset platform Bitazza and the digital money transfer service TEMPO Payments.
Other news: Flutterwave Enables X-Border Payments From Europe to Africa
TEMPO was part of another cross-border payment partnership announced this week, a player in an arrangement between the payments startup Flutterwave and the nonprofit Stellar Development Foundation.
Together with TEMPO, the chief EU anchor for Stellar’s blockchain payments, the project involves the introduction of two new remittance passages between Europe and Africa, designed to simplify remittances in Africa.