The Cyprus-based fintech company, Armenotech, will be actively participating in central bank digital currency (CBDC) projects internationally in 2023. The company is considering taking part in three ventures, two of which are in Europe.
Modern finances can soon no longer exclude smart contracts, programmability and asset tokenization. The regulative institutions already understand that and trying to find new innovative methods.
“Participation in centralized digital currency projects is a key element in our strategy. As a company that has significant experience in integration on the Stellar blockchain, we believe that CBDC is the future of finance. The economies of many countries have reached the point when their financial sectors need to start the process of adaptation to the demands of the digital economy. The growing popularity of digital assets demands integration between traditional fiat currency settlements and blockchain, where risks are lowered, transaction speeds are higher and the costs are minimal. CBDC is a part of the transformation chain, where the branch becomes regulated and where the element of KYC and AML are present too,” said CBO of Armenotech Daniel Gazaryan.
Armenotech is focused on the development of a wide spectrum of state-of-the-art IT solutions, ranging from payment processing and technology for CFD training to blockchain integration and FinTech domains.
Gazaryan added that the company has a great chance to succeed in the projects. “We can act as a processing centre as well as an ecosystem for digital currencies and a unique supplier of pioneering technologies that are based on the Stellar blockchain. We are able to offer reliable scenarios that are fit to work in the frameworks of regulated markets. These scenarios feature the highest degrees of efficiency. Since the very beginning, we chose the Stellar blockchain which is tailored for financial transactions.”
Within the last twelve months, the company has successfully completed several projects on integrating traditional remittances into the blockchain.
The project geography varies and has reached out to South America, Africa and Asia Pacific. The chain of the successful projects’ completions led to a strategic partnership between Armenotech and Tempo France, whose core business is remittance.
Armenotech said in a recent announcement that Tempo France and Cebuana Lhuillier came together to implement pioneering Stellar blockchain solutions in the growing remittances market of the Philippines.
The successful completion of the project now enables people to send money from Europe and pick up pesos in over 10,000 Cebuana locations across the country. The senders are able to pay at Tempo’s locations or, alternatively, pay by card using Tempo’s mobile application.