Financial Agreement Velo and Lightnet and Visa jointly develop payment solutions for the Asian market (www.blockcast.cc)

Velo Labs, Lightnet Group and Visa Global will collaborate to develop payment solutions designed to solve the problem of difficult access to services in the Asian small, medium and micro enterprise loan market.

Written by: Velo Labs

Velo Labs (Velo Labs) announced a collaboration with Lightnet Group (Lightnet Pte. Ltd.) and Visa Worldwide (Visa Worldwide Pte. Limited) to jointly develop Asian payment solutions.

• Velo Labs, Lightnet Group and Visa Global will develop payment solutions in Asia
• VELO token will be used as a digital asset for collateral in financial solutions

After the cooperation takes effect, Velo Labs, Lightnet Group and Visa Global will cooperate to develop payment solutions aimed at solving the problem of difficult access to services in the Asian small and medium enterprise (MSME) loan market. According to the International Finance Corporation (IFC), it is difficult to solve the problem of US$5.2 trillion in loans to small, medium and micro enterprises every year, and more than half of the financing gap exists in the Asia-Pacific region.

Tridbodi Arunanondchai, Vice Chairman of Lightnet Group, said: “We are very pleased to establish a cooperative relationship with trusted ecosystem partners such as Velo Labs and Visa Global. Newly obtained credit or lack of credit reputation often becomes an obstacle to achieving personal financial goals, such as To obtain business loans and even achieve the financial goals of buying a car, our vision is to provide customers in the small, medium and micro enterprise market with another way to build credit and improve their financial status.”

The global partnership between Velo Labs, Lightnet Group and Visa allows the participating banks, remittance operators and other financial service providers to conduct near-real-time global transactions, thereby expanding the business scope of these three companies. The plan is to store digital assets as collateral to allow users with poor or no credit records to obtain credit lines. This method is very suitable for connecting more than 1 billion unbanked and unbanked individuals in the Asia-Pacific region with the global financial system, and VELO tokens will play the role of digital asset collateral in financial solutions.

“This cooperation is a testament to the continuous efforts of Velo Labs and its ecological partners to help millions of people in the underserved small, medium and micro enterprise loan market achieve the goal of inclusive finance. A wider range, a higher level, and a deeper level of financial inclusion capabilities,” said Chatchaval Jiaravanon, chairman of Velo Labs.

The vision of Velo Labs is to establish a joint credit transaction network empowered by the Velo Protocol. The Velo agreement is a financial agreement that can issue digital credits anchored to any legal currency and ensure that these digital credits are always guaranteed by an appropriate number of VELO tokens to ensure a 1:1 ratio of digital credit to legal currency value. With the support of Stellar Network and CP Group, Velo Labs currently provides services to ecological partners in Southeast Asia. By linking traditional finance, centralized finance (CeFi) and decentralized finance (DeFi) industries, the joint credit transaction network of Velo Labs positions Velo Labs as one of the few blockchain projects with clear large-scale adoption scenarios One.

Lightnet Group is a financial technology company headquartered in Singapore, which aims to provide an inclusive international remittance ecosystem for people who underutilize banking and trade financing for small, medium and micro enterprises. Lightnet Group adopts the Velo protocol as its blockchain protocol, and uses blockchain technology to connect the existing financial system with its cash agency and wallet network, positioning itself as the next-generation clearing and settlement network across the Asia-Pacific region. The original intention of Lightnet Group was to focus on remittances in Southeast Asia, which is estimated to exceed US$150 billion annually.